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Capital One Buybacks May Exceed Reserves by $1.7 Billion

Capital One Financial Corp., the lender that gets more than 50 percent of revenue from credit cards, said it’s “reasonably possible’ that losses to buy back soured mortgages may exceed reserves by $1.7 billion.

That’s a 13 percent increase over the first-quarter estimate of $1.5 billion, the McLean, Virginia-based company said in a quarterly filing today. Capital One said losses on litigation could be about $150 million.

Capital One also disclosed that the Federal Housing Finance Agency, overseer of Fannie Mae and Freddie Mac, filed three summonses in New York state court against GreenPoint Mortgage Funding Inc., the home lender acquired as part of the December 2006 purchase of North Fork Bancorporation.

The summonses relate to three securities backed by GreenPoint home loans. The documents haven’t been served on Greenpoint and complaints haven’t been filed, Capital One said.

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