BofA Mortgage Repurchase Requests Total $11.1 Billion
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Bank of America Corp., the biggest U.S. lender by assets, said it has been dealing with a “very limited” number of requests to repurchase soured mortgages out of securities lacking government-backed guarantees.
Unresolved mortgage-repurchase requests from all investors and insurers totaled about $11.1 billion on June 30, the Charlotte, North Carolina-based bank said today in a filing with the Securities and Exchange Commission. That included $33 million from so-called private-label mortgage-backed securities transactions, compared with $5.6 billion from government-sponsored enterprises such as Fannie Mae, $4 billion from bond insurers and $1.4 billion from other investors, the bank said.