SALT LAKE CITY--(BUSINESS WIRE)--
SecurityNational Mortgage Company, a wholly owned subsidiary of Security
National Financial Corporation (NASDAQ: SNFCA), is pleased to announce
that it has entered into a settlement agreement with Bank of America,
N.A. and its predecessor, Countrywide Home Loans, Inc. Bank of America
and Countrywide had alleged certain breaches by SecurityNational
Mortgage of representations and warranties regarding sales of mortgage
loans under the parties' loan purchase agreements and had asserted that
SecurityNational Mortgage was obligated to repurchase loans and to
indemnify them from losses. The settlement agreement pertains to all
loans sold by SecurityNational Mortgage to Bank of America and
Countrywide and required a single settlement payment from
SecurityNational Mortgage. The required payment has been made and Bank
of America and Countrywide have given SecurityNational Mortgage a
general release with respect to past, present and future claims and
disputes arising under the loan purchase agreements. SecurityNational
Mortgage had ceased selling loans to Bank of America in October 2010.
J. Lynn Beckstead, President of SecurityNational Mortgage Company, said:
"We are very pleased with this settlement and that the company has been
able to obtain a resolution of these lingering issues."
This press release contains statements that, if not verifiable
historical fact, may be viewed as forward-looking statements that could
predict future events or outcomes with respect to Security National
Financial Corporation and its business. The predictions in these
statements will involve risk and uncertainties and, accordingly, actual
results may differ significantly from the results discussed or implied
in such forward-looking statements.
Security National Financial Corporation
Brian Nelsen or Garrett S.
Sill, 801-264-1060
fax: 801-265-9882
www.securitynational.com
Source: Security National Financial Corporation
News Provided by Acquire Media