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 tags available
The 9th U.S. Circuit Court of Appeals has issued a ruling on whether amendments to the bankruptcy code in 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) became effective, created an exception to the absolute priority rule... read more
Merger and acquisition activity for equipment leasing and finance businesses continued to be very active in 2015. Of course, the big news was General Electric’s April 2015 announcement that it would be divesting most of GE Capital’s business units, and... read more