Settlement Implementation

On October 13, 2015 the Trustee informed the holders and beneficial owners (“Investors”) of the certificates or notes issued by the 530 residential mortgage-backed securitization trusts listed in Exhibit A to the Countrywide Settlement Agreement1 (the “Settlement Trusts”) that the “Approval Date” under the Countrywide Settlement Agreement has occurred on October 13, 2015 (see Notice concerning the occurrence of the “Approval Date” under the Settlement Agreement). In addition, on January 11, 2016 the Trustee informed Investors of the Allocable Shares of the Settlement Trusts (or, if applicable, Loan Groups therein), as calculated by National Economic Research Associates, Inc. (the “Expert”) pursuant to Subparagraph 3(c) of the Countrywide Settlement Agreement (see Notice concerning Expert’s calculation of the Net Loss Percentages and Allocable Shares of the Settlement Trusts).

In connection with the implementation of the Countrywide Settlement Agreement, the Trustee will provide in this part of this website additional information concerning the implementation of the Countrywide Settlement Agreement from time to time.

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  1. As of the Approval Date, Bank of America and Countrywide did not exercise their option under Subparagraph 3(d)(iv) of the Countrywide Settlement Agreement to exclude certain Settlement Trusts from the Countrywide Settlement Agreement. In accordance with the terms of Subparagraph 3(d)(iv) of the Countrywide Settlement Agreement, the foregoing option expired on the Approval Date. Therefore, all 530 Settlement Trusts are entitled to receive their respective Allocable Share of the Settlement Payment as calculated by the Expert. [This information was added to this website on 1/21/2016]


  2. Pursuant to Paragraph 3 of the Settlement Agreement, the entire Settlement Payment was paid to the Trustee on February 9, 2016. Pursuant to the Order to Show Cause that was entered on February 5, 2016 in the judicial instruction proceeding captioned In the matter of the application of The Bank of New York Mellon, (Index No. 150973/2016), the Trustee deposited the entire Settlement Payment into escrow. [This information was added to this website on 2/9/2016]


  3. On May 12, 2016, the Court in the judicial instruction proceeding captioned In the matter of the application of The Bank of New York Mellon, (Index No. 150973/2016), signed and ordered a Partial Severance Order and Partial Final Judgment (the “Partial Final Judgment”) whereby, among other things, (i) all issues concerning the 512 Settlement Trusts identified in Exhibit 1 to the Partial Final Judgment (the “Initial Release Trusts”) were severed for full and final resolution in accordance with the Partial Final Judgment and (ii) the proceeding concerning the 18 Settlement Trusts identified in Exhibit 2 to the Partial Final Judgment (the “Remaining Trusts”) will continue according to law. The Partial Final Judgment was entered on the same day. For further information concerning the Partial Final Judgment see Trustee’s Notice of Entry of Partial Severance Order and Partial Final Judgment With Respect to 512 Settlement Trusts. [This information was added to this website on 6/16/2016]


  4. Pursuant to the Partial Final Judgment, the Trustee expects to distribute to Investors in each Initial Release Trust, on such Initial Release Trust’s regular distribution date or payment date in June 2016, the proportionate share of such Initial Release Trust (or, if applicable, of each Loan Group therein) of the Available Escrow Liquidation Proceeds (which, as defined in the Partial Final Judgment, is an amount equal to the sum of (a) the aggregate amount of the Allocable Shares of the Initial Release Trusts (or, if applicable, the Loan Groups therein) plus (b) the escrow investment earnings thereon).

    • The Allocable Share of each Initial Release Trust (or, if applicable, of each Loan Group therein) is set forth in the Trustee’s Notice Concerning Expert’s Calculation of the Net Loss Percentages and the Allocable Shares of the Settlement Trusts.

    • Pursuant to the Partial Final Judgment, the proportionate share of each Initial Release Trust (or, if applicable, of each Loan Group therein) of the portion of the Available Escrow Liquidation Proceeds that constitutes escrow investment earnings on the Allocable Shares of the Initial Release Trusts (or, if applicable, of the Loan Groups therein) is the product of (x) the amount of such escrow investment earnings ($4,019,671.04) times (y) a fraction, the numerator of which is the Allocable Share of such Initial Release Trust (or Loan Group, as applicable) and the denominator of which is the aggregate of the Allocable Shares of all Initial Release Trusts (or, if applicable, of the Loan Groups therein).

    In addition, if applicable, the certificate principal balance of one or more certificates in each Initial Release Trust is expected to be increased on such Initial Release Trust’s distribution date or payment date in June 2016 to reverse prior principal write-downs as required to reflect the proportionate share of such Initial Release Trust (or, if applicable, of each Loan Group therein) of the Available Escrow Liquidation Proceeds.

    The foregoing distributions and principal write-ups will be effected in accordance with the judicial instructions provided to the Trustee in the Partial Final Judgment. [This information was added to this website on 6/16/2016]

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THE INFORMATION CONTAINED IN THIS PART OF THIS WEBSITE MAY BE OF INTEREST TO THE HOLDERS AND BENEFICIAL OWNERS OF THE CERTIFICATES OR NOTES ISSUED BY THE SETTLEMENT TRUSTS AND OTHER PERSONS POTENTIALLY INTERESTED IN THE SETTLEMENT TRUSTS.

THIS WEBSITE AND ANY INFORMATION INCLUDED IN OR POSTED TO IT ARE NOT INTENDED TO BE AND SHOULD NOT BE CONSTRUED AS INVESTMENT, ACCOUNTING, FINANCIAL, LEGAL OR TAX ADVICE BY OR ON BEHALF OF THE TRUSTEE, OR ITS DIRECTORS, OFFICERS, AFFILIATES, AGENTS, ATTORNEYS OR EMPLOYEES. EACH PERSON REVIEWING SUCH INFORMATION IS URGED TO CAREFULLY REVIEW IT AND SHOULD SEEK THE ADVICE OF ITS OWN ADVISORS IN RESPECT OF THE MATTERS SET FORTH IN SUCH INFORMATION.




1 Capitalized terms used but not defined in this part of this website shall have the meanings ascribed to them in the Countrywide Settlement Agreement.