Welcome To The Countrywide RMBS Settlement
This website (http://www.cwrmbssettlement.com) has been established to provide public access to information of interest to holders of Certificates or Notes in 530 Countrywide mortgage-securitization trusts governed by Pooling and Servicing Agreements and Indentures and related Sales and Servicing Agreements (collectively, the "Governing Agreements"), and to other persons potentially interested in the trusts.
A settlement has been reached between The Bank of New York Mellon, as trustee or indenture trustee, (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, formerly known as Countrywide Home Loans Servicing, LP ("BAC HLS," and together with BAC, "Bank of America"), on the other, concerning CHL's alleged breaches of certain representations and warranties in the Governing Agreements, and BAC HLS's alleged violations of prudent servicing obligations thereunder (the "Settlement"). The Settlement requires Bank of America and/or Countrywide to pay a total of US$8,500,000,000.00 (US$8.5 billion) into the trusts (the "Settlement Amount"). It also requires BAC HLS to implement, among other things, a series of loan servicing procedures and improvements.
The Trustee has filed a Verified Petition and commenced a special proceeding, In the matter of the application of The Bank of New York Mellon (Index No. 651786/2011), in the Supreme Court of the State of New York, County of New York (the "Court") seeking a judgment, among other things, approving the Settlement and ordering that the Settlement is binding on all trust beneficiaries.
The Court has scheduled a hearing on the Verified Petition for May 30, 2013 at the Supreme Court of the State of New York, County of New York, 60 Centre Street, New York, New York 10007. The Court has the right to change the hearing date or time without further notice. At the hearing, the Court will determine, among other things, whether to approve the Settlement and make it binding on all Certificateholders, and will consider other important matters described in the Settlement Agreement. The Settlement, if approved by the Court, will affect the rights and interests of all Certificateholders, and their successors-in-interests and assigns, in the Trusts, including by, among other things, releasing claims on behalf of the Trustee, the Trusts and all Certificateholders in the Trusts and their successors-in-interests and assigns arising out of or relating to (i) the origination, sale, or delivery of mortgages to the Trusts, including representations and warranties made with respect to those mortgages and any mortgage repurchase obligations, (ii) servicing of the mortgages in the Trusts, with certain exceptions, and (iii) documentation of the mortgages in the Trusts, with certain exceptions. (See the Settlement Agreement for a complete description of the releases provided for therein.)
The Verified Petition, any papers filed in support of the Verified Petition, and any other relevant information 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.