Bloomberg: BofA Backlog of Pending Demands Reaches $16.1B


Published April 23, 2012 
Categories: Of Interest

Share via emailShare on Facebook+1Share on LinkedInShare on Twitter

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.

No comments

Tell us what you're thinking...

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam, and we review comments frequently to ensure they meet our standards. Views expressed in the comments do not represent those of the Monitordaily.