AMI Calls Upon BoNY To Provide Information Impacted by the Proposed BofA Settlement to Investors
For immediate release
Thursday, July 14, 2011
AMI Calls Upon BoNY To Provide Information to Investors
Impacted by the Proposed BofA Settlement
Washington, D.C. – The Association of Mortgage Investors (AMI) urges the Bank of New York (BoNY) to release information and host an investor informational call concerning the pending settlement involving Bank of America and the Bank of New York, on behalf of investors in 530 securitizations.
Investors are being called upon to evaluate a proposed $8.5 billion settlement that is to be allocated among 530 securitizations. The proposed settlement is monumental both in terms of its size and its scope. Clearly, it is in the best interest of all investors that the process provides the transparency and information required by investors to make informed decisions and satisfy their fiduciary obligations. Accordingly, we call upon the BoNY Trustee to carry out its responsibilities and duties to investors by briefing all affected parties on the settlement, particularly regarding the specific methodologies and procedures used to allocate the settlement amount, the selection process for involved third parties, and the analysis performed to determine that the settlement is both fair and equitable.
AMI offers to assist and coordinate either a meeting or a conference call by BoNY with all mortgage investors to provide a forum for transparency and discussion of the proposed settlement.
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The Association of Mortgage Investors represents private investors, public and private pension funds, and endowments, all of whom support the efforts of Congress and the Administration to help responsible, though distressed homeowners avoid foreclosure. For more information, please visit www.the-ami.org.
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