Massachusetts Pension Fund to Get $11M in Countrywide Settlement

Massachusetts’ pension fund will receive $11.3 million as part of a settlement with Countrywide Services Corp., state Attorney General Martha Coakley’s office announced.

According to a Dec. 30 statement from Coakley’s office, the case is part of her industry-wide investigation of residential mortgage securitization practices in Massachusetts.

The settlement includes a total payment of $17.3 million, including the $11.3 million to compensate government investors with the Pension Reserves Investment Management Board, or PRIM, as well an additional $6 million paid to the commonwealth.

“We are pleased to return these critical public funds to the state pension system,” Coakley said. “It is important to hold Wall Street accountable for its role in the subprime lending crisis.”

In addition to the payment provided to PRIM, the state pension fund can expect to receive another $7 million by early 2014 as a result of Coakley’s settlement with JPMorgan, announced in November.

Article source: http://www.nationalmortgagenews.com/dailybriefing/massachusetts-pension-fund-to-get-11-million-in-countrywide-settlement-1040468-1.html

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