Bank Of America Mortgage Obligations Distribution Fund

www.BOAMortgageObligations.com


Frequently Asked Questions

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1. What was this case about?

On August 6, 2013, the Securities and Exchange Commission (“SEC” or “Commission”) brought suit against Defendant Bank of America, N.A. (“BANA”), Banc of America Mortgage Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities LLC (collectively, “Defendants”). In its Complaint for Injunctive and Other Relief, the SEC alleged that Defendants misrepresented and omitted certain material facts regarding the residential mortgage-backed securities (“RMBS”), known as the BOAMS 2008-A Trust (“BOAMS Trust”), which were offered and sold in 2008. Specifically, the SEC alleged that Defendants portrayed the BOAMS Trust as being backed by “prime” mortgage loans when, in fact, an unprecedented portion of the mortgage loans backing the security had been originated through mortgage brokers unaffiliated with BANA entities and were not prime quality.

The Defendants entered consent agreements and on November 25, 2014, the Court entered Final Judgments ordering the Defendants to collectively pay disgorgement of $109,220,000, prejudgment interest of $6,620,000 and a civil money penalty of $109,220,000 of that amount paid by Defendants, $115,840,000 was transferred by the DOJ to the Commission for distribution to harmed investors by the violations alleged in the Complaint.

The SEC submitted a Distribution Plan to the Court for its approval on May 5, 2018. The Court approved the Distribution Plan in its entirety on July 3, 2018.

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2. Why did I receive a Notice Packet?

You received a Notice Packet because records indicate you may have purchased Eligible Certificates prior to March 20, 2008 and held those certificates on March 20, 2008. The Notice Packet you received is designed to notify you of the Distribution Fund and to inform you that you may be eligible to receive payment from the Bank of America Mortgage Obligations Distribution Fund.

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3. Who is eligible to participate in the Distribution Fund?

To qualify for a payment from the BOA Mortgage Obligations Distribution Fund, you must have purchased Eligible Certificates prior to March 20, 2008 and held those certificates on March 20, 2008. The relevant CUSIPS numbers for Eligible Certificates are listed in Appendix A to the Plan.

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4. Who is excluded from participation in the Distribution Fund?

You are excluded from participation in the BOA Mortgage Obligations Distribution Fund if you have:

  1. at any time been a parent, subsidiary, affiliate, partner, or member of any of the Defendants;
  2. exercised control of or were controlled by any of the Defendants; or
  3. been employed by, or served as officers or directors, or were members of any of the Defendants or any other entity that is deemed to be an Excluded Party during the period of 2007 to the present.

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5. What is the amount of the Distribution Fund?

Pursuant to the Final Judgments as to BANA, BOAMS and Merrill Lynch (the “Final Judgments”) dated November 25, 2014, the Commission ordered the Defendants to pay a total of $115,840,000.00 to the Commission for distribution to harmed investors.

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6. What do I need to do to participate in the Distribution Fund?

You must submit a completed Proof of Claim Form with the necessary documentation so that it is postmarked or, if not sent by U.S. Mail, received by October 31, 2018 to the address listed below in order to be eligible to receive a payment from the BOA Mortgage Obligations Distribution Fund:

Bank of America Mortgage Obligations Distribution Fund c/o GCG P.O. Box 9349 Dublin, OH 43017-4249

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7. What do I need to submit with my Proof of Claim Form?

You must document each transaction that you include on your Proof of Claim Form. Acceptable forms of supporting documentation include:

  1. Trade confirmation slips that list the Eligible Cusip, the name of the beneficial owner, the type of transaction, the date of the transaction, the number of Eligible Certificates, and the total amount of the transaction; or
  2. Monthly statements that detail all account activity within a month.

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8. What is the deadline for submitting my Proof of Claim Form?

The deadline to submit a completed and signed Proof of Claim form with the necessary documentation is October 31, 2018. It must be postmarked, or if not sent by U.S. Mail, received, by this date.

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9. Will I be notified if my Proof of Claim Form is deficient?

Yes. If your Proof of Claim form is deficient, you will receive a Claim Deficiency Notice setting forth the reason why the claim is deficient and advising you of the opportunity to cure such deficiency.

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10. Can a financial institution that served as an advisor to numerous clients file Proof of Claim Forms on their behalf? Can we group all our clients together using this method?

Yes, you may file on behalf of all your clients, provided you are authorized to do so and provide us with that valid written authorization. If you would like to file these claims together, you should file your claims electronically.

Please Note: Claims with 100 or more transactions or on behalf of 20 or more different accounts must be submitted electronically and in the required format. You can obtain the mandatory electronic filing requirements and file layout on this website or you may e-mail the Distribution Agent at eClaim@gcginc.com. Any submission not in accordance with the required electronic filing format may be rejected. Proof of authority to submit a Proof of Claim form on behalf of any managed accounts must be submitted with any Proofs of Claim for such accounts. If you intend to file electronically, you can submit and track the history of your claims by using our secure website, GCG ICETM (www.gcgice.com), which is available 24/7. GCG ICETM allows institutional investors to upload electronic claims and documents, track the history and status of submissions, view claim rejections and how to fix them, update contact information, and receive important status alerts via e-mail.

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11. How much money will I receive if my claim is approved?

Until all claims have been fully processed, it is not possible to determine the amount of any individual payment because the amount will depend on a variety of factors, including the number of valid claims processed, the amount of Eligible Certificates that you purchased, and when you purchased and sold these certificates.

For additional information as to how your claim will be calculated, please view the Plan of Allocation for the BOA Mortgage Obligations Distribution Fund (the provisions within paragraphs 55 and 56 of the Distribution Plan).

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12. Who is the Distribution Agent?

The Court has appointed The Garden City Group, LLC to serve as the Distribution Agent.

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13. Where can I obtain a Plan of Distribution Notice and Proof of Claim Form?

You can obtain a copy of the Distribution Plan, Notice and Proof of Claim form by either downloading these documents from this website by clicking here or we can mail you these documents if you provide your name and address by clicking here and request that we mail you a Notice Packet.

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14. How do I get more information?

You can obtain additional information or request copies of forms and notices by calling the BOA Mortgage Obligations Distribution Fund’s toll-free hotline at 1 (800) 231-1815 in the United States, or by email at Questions@BOAMortgageObligations.com.

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