BofA’s Moynihan ‘Surprised’ by New York Fed Loan Putback Demand
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan said he was surprised when the Federal Reserve Bank of New York and investors sent a letter pushing the firm to repurchase soured mortgages pooled into securities.
The bank expects to resolve the dispute, which could pressure Bank of America to foreclose on borrowers more quickly, Moynihan, 51, said today in Boston during a presentation to banking analysts. “I don’t think we should be put in a position where we aren’t trying to help homeowners through this strife because people want us to foreclose faster,” he said.