Welcome To The Countrywide RMBS Settlement Website
This website (http://www.cwrmbssettlement.com) has been established to provide public access to information of interest to holders of Certificates or Notes (“Certificateholders”) issued by 530 Countrywide mortgage-securitization trusts (the “Settlement Trusts”) concerning the approval and implementation of a Settlement Agreement, dated June 28, 2011 (the “Settlement Agreement”) between The Bank of New York Mellon, as trustee or indenture trustee of the Settlement Trusts (the “Trustee”), on the one hand, and Countrywide Home Loans, Inc. (“CHL”), Countrywide Financial Corporation (together with CHL, “Countrywide”), Bank of America Corporation (“BAC”), and BAC Home Loans Servicing, LP (“BAC HLS” and, together with BAC, “Bank of America”), on the other. The Countrywide Settlement Agreement relates to alleged breaches by CHL of certain representations and warranties in the governing agreements of the Settlement Trusts (the “Governing Agreements”), and alleged violations by BAC HLS of prudent servicing obligations under the Governing Agreement. The Countrywide Settlement Agreement requires Bank of America and/or Countrywide to pay a total of US$8,500,000,000.00 (US$8.5 billion) into the Covered Trusts (the “Settlement Payment”). It also requires BAC HLS to implement, among other things, a series of loan servicing procedures and improvements.
Following a special proceeding pursuant to CPLR § 7701 and an appeal to the Appellate Division, First Department, the Settlement was approved in all respects and the Trustee was found to have acted in good faith and reasonably in connection with the negotiation, evaluation and entry into the Countrywide Settlement Agreement. In re Bank of New York Mellon (Bank of New York Mellon v. Ret. Bd. of the Policemen’s Annuity & Benefit Fund), 127 A.D.3d 120 (1st Dep’t 2015). The “Approval Date” under the Countrywide Settlement Agreement occurred on October 13, 2015 (see Notice concerning the occurrence of the “Approval Date” under the Settlement Agreement).
In connection with the implementation of the Countrywide Settlement Agreement, National Economic Research Associates, Inc. (the “Expert”) has calculated the portion of the Settlement Payment allocable to each Settlement Trust (the “Allocable Share”), and reported its calculations to the Trustee on January 11, 2016 (see Notice concerning Expert’s calculation of the Net Loss Percentages and Allocable Shares of the Settlement Trusts).
On February 5, 2016, the Trustee filed a verified petition (the “Verified Petition”) and commenced a judicial instruction proceeding pursuant to CPLR § 7701, captioned In the matter of the application of The Bank of New York Mellon, (Index No. 150973-2016) (the “Article 77 Proceeding”), in the Supreme Court of the State of New York, County of New York (the “Court”) seeking, inter alia, Court instruction concerning certain contractual interpretive questions relating to the distribution provisions of the Governing Agreements as described in the Verified Petition. Court papers filed in connection with the Article 77 Proceeding are available on this website. You can also obtain any documents filed with the Court by visiting the Court's website: http://iapps.courts.state.ny.us/iscroll.
The Court’s disposition of the Article 77 Proceeding will affect the rights and interests of certain Certificateholders and their successors-in-interest and assigns.