«
»

BofA Buyback Disputes = $11.2B

Email this post Print this post
By Barry Ritholtz - August 11th, 2010, 11:00AM

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

>

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

PERMALINK
Category: Bailouts, Credit, Regulation.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

7 Responses to “BofA Buyback Disputes = $11.2B”

  1. Sechel Says:
    August 11th, 2010 at 11:15 am

    The real reason for Fed easing. This will cost BAC dearly.

  2. obsvr-1 Says:
    August 11th, 2010 at 11:40 am

    Follow the toxic assets

    I just the banksters need to put the champagne back in the bottle, the toxic chickens are coming home to roost.

  3. doug Says:
    August 11th, 2010 at 11:45 am

    nothing a little more vig won’t solve. Kabuki theatre it is….

  4. Rescission Says:
    August 11th, 2010 at 11:47 am

    Nobody wants to be the one left holding the snake.

    GSE’s pushing the loans back to the lenders. Lenders pushing them back to the GSE’s.
    Pissing contest on a loan by loan basis.
    GSE’s hire consulting firms of underwriters to scrub every loan and find problems or fraud so they can push them back. Lenders do the same thing defending the claims.

  5. ToNYC Says:
    August 11th, 2010 at 11:57 am

    BofA’s song à la the BeAtles:

    It won’t be long yeah,
    yeah,yeah,
    yeah, yeah, yeah
    It won’t be looong yeah,
    yeah,yeah,
    yeah, yeah, yeah
    It won’t be long yeah,
    ’till I belong to you.

  6. WFTA Says:
    August 11th, 2010 at 12:44 pm

    Quelle Suprise!

  7. CuriousCreature Says:
    August 12th, 2010 at 10:18 pm

    Look, I have nothing but anecdotal evidence, but here goes-

    9 out of 10 bank complaints are about? Bank of America.

    Who is the bank that everyone talks about as being the most difficult w.r.t. loan modification or working on a compromise to help them stay in their home? Bank of America

    Who has the worst credit card rates and practices in the industry? Bank of America

    Rename it Bank of the Greedy. Americans want no part of it.

    Curious

    Curious

60 queries. 0.360 seconds.