Investors demand to buy troubled mortgages

The group of institutional investors requires the Bank of America to buy mortgages, acting as security for the bonds in the amount of $ 47 billion mortgage loans were issued to the agency Countrywide Financial, which acquired a bank in the midst of crisis. Investors threaten to go to court. According to U.S. media, with investors seeking to buy BofA troubled mortgages, appear influential American company BlackRock, PIMCO, Metlife, as well as the Federal Reserve Bank of New York, became the owner of the securities in the course of rescue operations for financial services companies. They all claim that suffered losses due to the fact that Countrywide does not have coped with the task of paying agent on mortgage acting as collateral for bonds in the amount of $ 47 billion for a number of these loans defaulted. Investors insist on the fact that many mortgages should not have been act providing for the issue of bonds, since they do not meet those standards, which were reported to investors buying these securities. With such abuses were carried out in a total of 115 transactions. "We - a group of determined and collaborating der zhateley bonds. We have a clearly defined strategy. We intend to vigorously pursue this initiative, according to the rights of bondholders, "- said the representative investor, lawyer Kathy Gibbs & Bruns, Patrick. According to JP Morgan, total payments of banks to purchase mortgage loans, providing speakers, which came with the beginning of the crisis of non-payment, may reach $ 120 billion Maybe they should send for this purpose from 10 billion to $ 25 billion per year for several years. However, to prove in court that investors misinformed about the quality of mortgage loans will be difficult, analysts said JP Morgan. The group of companies dissatisfied with BofA Countrywide sent a letter requesting to reimburse or to buy problem loans. At the lender now has 60 days to withdraw the claim. Otherwise, investors will be able to announce the event of a default on the bonds and begin litigation. However, the bank considered the claim unfounded "We are not responsible for the poor performance of loans due to economic problems. We do not believe that violate our obligations as paying agent "- said in a statement BofA. "We will resist this," - commented the requirements of investors of the bank CEO Brian Moynihan. "The arguments on both sides of the dispute seem convincing, so decide who is right, may have to the court - told RBC daily analyst Doug Dannemiller Aite Group. - The problem with buying troubled loans is very serious for the U.S. banking sector. BofA - one of the largest banks, so naturally he has to deal with a large part of the problem. "