Economy/Business News Alert: Bank of America will pay $8.5 billion to settle claims over mortgage-backed securities

---------------------------------------- Economy/Business News Alert: Bank of America will pay $8.5 billion to settle claims over mortgage-backed securities June 29, 2011 7:38:18 AM ---------------------------------------- NEW YORK — Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed. The Charlotte, N.C., bank says the settlement with 22 investors is subject to court approval and covers 530 trusts with original principal balance of $424 billion. http://link.email.washingtonpost.com/r/6041ZA/EWQ0EX/E9TL5I/KVGRDL/KAMLN/82/h For more information, visit PostBusiness.com ---------------------------------------- Get The Washington Post app for iPad, iPhone or iPod Touch. http://itunes.com/apps/thewashingtonpost ---------------------------------------- Get breaking news alerts sent to your mobile phone. Sign up by texting NEWS to 98999. To unsubscribe, click here ---------------------------------------- ©2011 The Washington Post Company Washington Post Digital E-mail Customer Care 1150 15th Street NW Washington, DC 20071