BofA Says Putback Losses May Be $6bn Above Reserve

Bloomberg reports that the new disclosure covers the range of possible losses for both private investors and claims from so-called government sponsored enterprises. Losses on just private claims were projected to exceed accruals by $5 billion as of June 30, the Charlotte, North Carolina-based lender has said.

'Based on discussions and where we are, we do have enough information to estimate a range of possible loss, not just for excluding the GSEs, but also including the GSEs', Chief Financial Officer Bruce Thompson said in a conference call with reporters Tuesday. 'We still have certain disagreements and haven’t resolved anything with Fannie Mae, but we do have information to provide what we have'.

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BofA Says Putback Losses May Be $6bn Above Reserve

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