http://www.bloomberg.com/news/2011-...ica-settles-mortgage-putback-claims.html

"Bank of America’s announcement yesterday that it settled claims on at least $4.1 billion in loans from its Countrywide Financial Corp. unit sent the KBW Bank Index of 24 stocks up 2.3 percent to its highest level since May. A willingness by the GSEs to negotiate may let other lenders cap costs from mounting demands they buy back loans that allegedly had bad or incomplete information about borrowers’ incomes, home values or other data. "

From the BoA website:

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NzYzNjZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

"Experience –2004-2008 OriginationsGovernment Sponsored Enterprises
•From 2004 through 2008, $1.1T of loans sold directly to GSEs
•Preliminary estimates of repurchase claims as of 12/31/10 reflect:
- $21.6B of repurchase claims received on 2004 –2008 vintages
- $18.2B of resolved repurchase claims on 2004-2008 vintages with loss experience of 27 percent of claim requests (1)"

Last edited by pgp; 01/04/11 08:24 AM.
Pete Pollard
Blade 702

'When you have a lot of things to do, it's best to get your nap out of the way first.