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Requests from investors for banks to repurchase soured mortgages have intensified over recent...
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Friday, July 20, 2012, 5:50 AM ETRequests from investors for banks to repurchase soured mortgages have intensified over recent months, a trend that has come to light in the latest earnings reports. BofA (BAC) - who else? - faces the worst of it, with outstanding claims soaring over 40% to $22B in Q2. Other affected banks include Wells Fargo (WFC), PNC Financial Services Group (PNC) and Fifth Third Bancorp (FITB).
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I venture to say, most of the mortgages sold are performing assets. The banks would reap a huge windfall of a profit.
Also I drove my car 100,000 miles and have recently found that there is a defect in the motor. We should make the manufacturer take it back and give me a complete refund.
Great comment. But, "Mommie" is supposed to make everything risk free in today's spoon-fed society.
I know about the news related to Fannie Mae, so I suppose most of the positive earnings predictions overlooked or downplayed this issue.
How bad is the current uncertainty compared to late last year? And the obvious question everyone is wondering, where is this heading?
For me I've bailed out on BAC to take my modest gains as I am quite suspicious of the backlog of bad loans and whatever games are being played. But I am looking for what might be the worst of it ... is it now? or is it coming soon? or behind us?