Tags: SEC | Sought | Loan-Loss | Reserves | Info | BofA

SEC Sought Loan-Loss Reserves Info From BofA

Tuesday, 05 Apr 2011 10:39 AM

 

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The U.S. securities regulator sought information from Bank of America last year about the loan-loss reserves used to repurchase faulty home loans, company filings showed.

In an exchange of letters, the U.S. Securities and Exchange Commission (SEC) had also asked Bank of America to explain its methodology of establishing repurchase reserves.

"Discuss the level and type of repurchase requests you are receiving, and any trends that have been identified, including your success rates in avoiding settling the claim," the regulator said in a letter dated Jan. 29, 2010.

The bank's correspondence with the SEC was made public on Monday.

Bank of America had temporarily halted foreclosures nationwide last fall after it found problems with the documents used to repossess homes.

The bank had also said a wide-ranging probe into banks' foreclosure problems could lead to "significant" legal costs in 2011.

Reuters could not immediately reach Bank of America for comment outside regular U.S. business hours.

© 2014 Thomson/Reuters. All rights reserved.

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