BofA Faces Roadblock in $0.6 Billion Settlement

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MORTGAGE EXPERT
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LOS ANGELES — Bank of America Corp., already besieged with litigation tied to its 2008 acquisition of Countrywide Financial Corp., is facing resistance in a more than $0.6 billion class-action settlement from a group of investors who claim the amount is only a fraction of what they will accept. The level of litigation tied to the Countrywide purchase has far exceeded the bank’s original expectations — though much of that is due to unanticipated fallout from the deep housing market downturn.

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