Good News for Bank of AmericaShares of Bank of America ( BAC) rose slightly to close at $12.19, after Law 360 reported that several investors had dropped their objections to the bank's $8.5 billion proposed settlement in June 2011 of mortgage putback claims related to loans originally securitized by Countrywide Financial. Bank of America acquired Countrywide in 2008. Law 360 reported that investors dropping their objections to the June 2011 proposed settlement this week included the Federal Home Loan Bank of San Francisco on Wednesday, "joining several state and union pension funds that bowed out the day before." Bank of America set aside the cash for the settlement in the second quarter of 2011, along with an additional $5.5 billion for other mortgage repurchase claims.
-- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn