S&P estimates that mortgage buybacks might cost billions

11/5/2010 | Washington Post, The

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

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