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
By Kelly Wolfgang Monitor: Please share with our readers your background. What led you to a career in equipment finance and to your position at Vision Financial Group? CE: My background is varied from trading tax advantaged securities on Wall... read more
The current update on the lease accounting project is both the FASB and IASB staffs are drafting the new rules. There are still some small open issues and some due process steps but they expect the boards to issue a... read more