BofA continued to see mounting claims against it over faulty mortgages, with investors demanding the bank buy them back. There were nearly $5 billion in new claims during the quarter, bringing the total to $25.5 billion, more than twice the year-ago level.
The biggest increase in claims came from mortgages purchased by Fannie Mae
and Freddie Mac
. The bank is in a continuing legal dispute with the agencies over the validity of the so-called putback requests.
Why is it that investor giants get what they want but the average American cannot?