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Federal Home Loan Banks Drop Objection to BofA Settlement

Three federal home loan banks dropped their opposition to Bank of America Corp.’s $8.5 billion settlement in a New York state court lawsuit over Countrywide residential mortgage backed securities.

Lawyers for the Federal Home Loan Banks of Boston, Chicago and Indianapolis yesterday told New York Supreme Court Judge Barbara Kapnick they are withdrawing from the case.

Also yesterday, lawyers for Cranberry Park LLC and Cranberry Park LLC II, funds which in August said they owned Countrywide securities with an original principal value of more than $1 billion, asked the judge for permission to withdraw their previous objection to the settlement.

The settlement between Bank of New York Mellon Corp., as trustee for the securities, and Bank of America’s Countrywide, resolves claims the mortgage lender breached its contractual obligation to repurchase delinquent mortgages that were pooled for the securities.

Lawrence Grayson, a spokesman for Charlotte, North Carolina-based Bank of America, declined to comment on the filings.

The case is In the matter of the application of the Bank of New York Mellon, 651786-2011, New York State Supreme Court, New York County (Manhattan).

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