Bank of America Bank of AmericaLatest from The Business JournalsUS credit rating takes S&P hitRestaurant roundup: Lux is new and improvedBofA shares tumble for second straight dayFollow this company told investors that its liabilities for mortgage repurchases from Fannie Mae Fannie MaeLatest from The Business JournalsFannie spanks Bank of America with growing mortgage repurchasesFannie Mae needs another .1 billion in aid as more loans sourFannie Mae needs another .1 billion in aid as more loans sourFollow this company and Freddie Mac Freddie MacLatest from The Business JournalsMortgage rates fall sharplyFannie spanks Bank of America with growing mortgage repurchasesFannie Mae needs another .1 billion in aid as more loans sourFollow this company could be worse than expected as the two companies become “more rigid” in dealing with the bank.
Fannie and Freddie are sending back to the bank many more faulty loans than BofA had anticipated.
And the stakes are high. The bank said in a filing this week with the Securities and Exchange Commission that the “ultimate resolution” of its housing-market liabilities “could have a material adverse effect on our cash flows, financial condition and results of operations.”
We will start seeing the magnitude of the problem with BofA numbers.
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