2014 Government Regulations & Business Summit
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BOSTON – The state pension fund will receive $11.3 million this week as part of a settlement with Countrywide Securities Corp., Attorney General Martha Coakley announced.
The case is part of Coakley’s industrywide review of residential mortgage securitization practices in Massachusetts, according to a statement.
The settlement with the company includes a total payment of $17.3 million, including the $11.3 million to compensate government investors with the Pension Reserves Investment Management Board, as well as an additional $6 million paid as a fine to the commonwealth.
In addition to the payment provided to board, the state pension fund can expect to receive another $7 million by early 2014 as a result of the AG’s recent settlement with JPMorgan announced last month. •