BofA Buyback Disputes = $11.2B

Speaking of untidy accounting issues:

The American Banker reports today that “Bank of America, in a new public filing, said it had $11.2 billion of “unresolved” mortgage buyback requests at June, a 50% spike since the beginning of the year.”

These buyback disputes are with Fannie Mae and Freddie Mac ($5.6 billion), although AB reported BofA “is having trouble with claims made to mortgage insurance firms” — in particular, the monoline insurers, for another $4 billion.

AB quoted the bank’s 10-Q SEC filing as acknowledging that “disputes have increased with buyers and insurers regarding representations and warranties.

BofA is the second largest residential funder in the US

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Source:
Bank of America FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Quarterly Period Ended June 30, 2010
Commission file number: 1-6523
SECURITIES AND EXCHANGE COMMISSION, August 6, 2010
http://www.sec.gov/Archives/edgar/data/70858/000095012310074181/g24023e10vq.htm

Bank of America Buyback Disputes Top $11.2B
American Banker | Wednesday, August 11, 2010
http://www.americanbanker.com/issues/175_153/bank_america_buyback_disputes_11.2b-1023892-1.html

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