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Loan Modification

: Mortgage Lender Implode-o-Meter

BofA May Owe $20 Billion in Mortgage Buybacks, Insurers Say

By Implode-Explode Heavy Industries

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"Banks are dealing with demands for repurchases from buyers and insurers of mortgage securities who say that the loans were created with false, misleading or missing data. Repurchases have already cost the four biggest U.S. lenders $9.8 billion, according to Credit Suisse Group AG. Bank of America has said it faces $11.1 billion of unresolved claims, which it reviews on a ?loan-by-loan? basis."

Full post as published by Mortgage Lender Implode-o-Meter on September 14, 2010 (boomark / email).

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