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August 6, 2011

Bank of America says mortgage-buyback costs may exceed previous forecast

“Bank of America, the lender that announced a $3 billion settlement with Fannie Mae and Freddie Mac this year, told investors that elevated claims from the firms may cost more than previously forecast.

New demands for refunds on soured loans from the mortgage companies, both government-sponsored enterprises (GSE), are coming “in numbers that were not expected based on historical experience,” the bank said Thursday in its quarterly filing. Washington-based Fannie Mae and McLean-based Freddie Mac are being “more rigid” in resolving demands, said the bank, the worst performer Friday in the Dow Jones industrial average.”

Read the full story at Bloomberg

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