Wells Fargo Buyback Claims Fall, CFO Says Risk ‘Misrepresented’ |
| BusinessWeek - Oct 20, 2010 |
Wells Fargo & Co.’s repurchase obligations on soured mortgages fell in the third quarter and the bank sought to distinguish itself from rivals amid concern that the largest U.S. lenders will have to buy back home loans.
“These issues have been somewhat overstated and to a certain extent, misrepresented in the marketplace,” Chief Financial Officer Howard Atkins said today on the third-quarter earnings call. “Our experience continues to be different than some of our peers in that our unresolved re-purchase demands outstanding are actually down.”
Wells Fargo reduced its reserve for repurchases to $1.3 billion from $1.4 billion in the second quarter, it said in a statement. The bank said it lost $414 million from such demands in the quarter, up from $270 million in the period ended June. Outstanding buyback requests fell to $3.8 billion of loans from $4.3 billion in the previous quarter.
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- Posted: 2010-10-20 22:11:19
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