Alleged Misuse of Captive Reinsurance at the Core of Countrywide’s $34 Million Settlement with PA Borrowers
March 24, 2011
A proposed $34 million settlement between Bank of America’s Countrywide Home Loans unit and Pennsylvania borrowers apparently would have no significant impact on mortgage lenders and private mortgage insurers unless “captive reinsurance” makes a big comeback, according to industry attorneys. Though captive reinsurance arrangements are...