S&P estimates mortgage buybacks could cost billions:

11/5/2010 | Washington Post, The

Standard & Poor's said that six major banks could face an additional $31 billion in costs related to loan buybacks. Total repurchase losses for JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, PNC Financial Services Group and U.S. Bancorp could reach $43 billion between 2009 and 2012, according to an S&P credit analyst. Bond insurers, Fannie Mae, Freddie Mac and other companies are pressing the banks to repurchase loans that are found to be based on false or inaccurate data.

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