Bank of America Corp.'s proposed settlement of MBS claims against its Countrywide unit would force private-label investors in 530 Countrywide trusts to accept the bank's $8.5 billion offer, BofA officials said Wednesday.

The deal centers on the approval of Bank of New York Mellon Corp., which is in charge of administering the securities trusts for investors. In what appears to be a substantially new role — trustees have vigorously argued that it is not their place to take action without a specific mandate from an individual trust's investors — Bank of New York Mellon has endorsed the settlement proposal.

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