主题：【编辑】美国经济周报2010年10月第1期 -- 南方有嘉木

http://www.bloomberg.com/news/2010-10-19/pimco-new-york-fed-said-to-seek-bank-of-america-repurchase-of-mortgages.html

Oct. 19 (Bloomberg) -- Pacific Investment Management Co.,

BlackRock Inc. and the Federal Reserve Bank of New York are

seeking to force Bank of America Corp. to repurchase soured

mortgages packaged into $47 billion of bonds by its Countrywide

Financial Corp. unit, people familiar with the matter said.

The bondholders wrote a letter to Bank of America and Bank

of New York Mellon Corp., the debt’s trustee, citing alleged

failures by Countrywide to service the loans properly, their

lawyer said yesterday in a statement that didn’t name the firms.

Investors are stepping up efforts to recoup losses on

mortgage bonds, which plummeted in value amid the worst slump in

home prices since the 1930s. Last month, BNY Mellon declined to

investigate mortgage files in response to a demand from the

bondholder group, which has since expanded. Countrywide’s

servicing failures, including insufficient record keeping, may

open the door for investors to seek repurchases by bypassing the

trustee, said Kathy Patrick, their lawyer at Gibbs & Bruns LLP.

“We now are in a position where we have to start a clock

ticking,” Patrick, who is based in Houston, said today in a

telephone interview.

MetLife Inc., the biggest U.S. life insurer, is part of the

group represented by Gibbs & Bruns, said the people, who

declined to be identified because the discussions aren’t public.

TCW Group Inc., the manager of $110 billion in assets, expects

to join BlackRock, the world’s largest money manager, and Pimco,

which runs the biggest bond fund, in the group, the people said.

Countrywide also hasn’t met its contractual obligations as

a servicer because it hasn’t asked for repurchases itself and is

taking too long with foreclosures, either because of document or

process mistakes or because it doesn’t have enough staff to

evaluate borrowers for loan modifications, Patrick said. If the

issues aren’t fixed within 60 days, BNY Mellon should declare

Countrywide in default of its contracts, she said.