Salem, Ore. (AP) — State officials say Oregon will get part of a proposed national settlement of litigation against a major mortgage lender.
The state said its public pension fund lost $29 million because of the dealings of Countrywide Financial Corp. and its financial underwriters.
In a press release, Treasurer Ted Wheeler and Attorney General Ellen Rosenblum said they hope in negotiations to do better than the typical settlement in class-action securities cases: 10 cents on the dollar.
Pension funds alleged that Countrywide and financial underwriters misled investors into buying risky mortgage-backed securities.
Bank of America Corp. will pay the settlement, whose proposed total is $500 million. It acquired Countrywide in 2008.
