Bloomberg reports that Bank of America had about $57bn in mortgage-backed securities cited by a Federal Housing Finance Agency lawsuit, compared with about $33bn tied to JPMorgan’s suit, which was settled last week for $4bn, Fitch analysts wrote in a note today.
Lenders facing FHFA claims may have to boost litigation reserves based upon the JPMorgan deal, Fitch said. Charlotte, North Carolina-based Bank of America’s settlement costs probably wouldn’t affect the lender’s credit grades, Fitch said.
To access the complete Bloomberg article hit the link below:
image: © lewisha1990