More Entities Intervene and Demand Information Regarding Bank of America’s Proposed $8.5 Billion Settlement

Two additional entities have formally objected to the proposed Bank of America settlement. The Federal Deposit Insurance Corp. (“FDIC”) filed an objection on August 29, 2011. The Federal Housing Finance Agency (“FHFA”), in its capacity as conservator of Fannie Mae and Freddie Mac, filed an objection on August 30, 2011. Both seek further information regarding the proposed settlement in order to determine whether or not the settlement is fair. Additional objections are unlikely as August 30, 2011 was the deadline to intervene in the action. FHFA Objection. FDIC Objection.