Bloomberg: BofA Backlog of Pending Demands Reaches $16.1B
Published April 23, 2012
Categories: Of Interest
Bloomberg is reporting that Bank of America’s backlog of pending demands for refunds on soured loans reached a record $16.1 billion as a dispute deepened between the second-largest U.S. lender and Fannie Mae.
According to Bloomberg, outstanding claims rose 28% in the first quarter from $12.6 billion in the last three months of 2011, the bank told investors. Bloomberg noted that at the same time, the company set aside less than $300 million to cover repurchases for a third straight quarter, helping the mortgage unit post a narrower first-quarter loss.
To read the full Bloomberg story click here.