24/04/2014

Banks Take More Hits on Bad Loans

Posted by MereNews On March - 16 - 2012

A problem that bankers hoped was behind them—rising costs to repurchase soured home loans they previously sold to the government-backed mortgage investors Fannie Mae and Freddie Mac—has instead bitten back with a vengeance.

Fannie and Freddie asked banks to buy back $33 billion of loans last year. That is up 10% from 2010, according to federal securities filings the companies have made this month. The banks don’t typically pay the full amount but during the second half of 2011, the companies collected $11.1 billion from banks, compared with $6.9 billion in the first half of the year.

The numbers shed …

Article source: http://online.wsj.com/article/SB10001424052702303863404577281380174730146.html?mod=rss_economy

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