Left behind by the settlement are institutional investors in securitzed mortgages who were also overcharged and cheated by the abusive foreclosure processes.
Money managers also regularly enter into confidential settlement agreements with institutional clients who have been victims of illegal or unethical manager conduct.
Kathy Patrick, the lawyer for the institutional investors who negotiated the massive settlement, is behind three new legal filings made in federal courts, including a statement in support of the deal that points out that the vast majority of investors in soured mortgage-backed securities issued by Countrywide Financial through 530 trusts have chosen not to object to the settlement.