BofA, JPMorgan Say Refund Demands Mount for Post-Bubble Loans
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Bank of America Corp. and JPMorgan Chase & Co. reported more demands from investors to repurchase faulty mortgages made after 2008, when the banks said they upgraded their standards to curb defaults.
Claims from investors for loans originated in 2009 or later more than tripled to $153 million from a year earlier for New York-based JPMorgan, the biggest U.S. bank by assets, and almost tripled to $164 million for Bank of America, according to their third-quarter reports. The firms also said claims increased for loans made in 2005, before the housing bubble peaked.