BofA Claim Surge Said to Include Non-Countrywide Loans
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Bank of America Corp.’s surging claims for refunds on faulty mortgages in the second quarter stemmed partly from loans made by the bank and its Merrill Lynch unit, in addition to the company’s Countrywide subsidiary, said two people with direct knowledge of the matter.
The backlog of new claims from private investors probably will increase in the months ahead, according to the people, who asked for anonymity because mortgage disputes are private. The firm regards grounds for the demands as weaker than those triggered by Countrywide loans, the people said.