BofA Will ‘Defend’ Shareholders in Mortgage Buybacks
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Bank of America Corp. will “defend our shareholders” by disputing any unjustified demands that it repurchase defective mortgages, Chief Executive Officer Brian T. Moynihan said in an interview.
Most claims “don’t have the defects that people allege,” Moynihan said on Bloomberg Television today, referring to so-called putbacks, in which guarantors or investors in mortgage-backed securities ask to return bad loans. “We end up restoring them, and they go back in the pools.”