SAN FRANCISCO ( TheStreet) -- Wells Fargo (WFC) outlined just $69 million in repurchases of private-label mortgages last quarter - a surprisingly small figure given the scale of its mortgage operations and the demands other big-bank peers are facing to buy back troubled debt.
Wells also outlined just $3.8 billion in repurchase demands as of Sept. 30 and $1.3 billion in reserves to cover potential liabilities.
By contrast, JPMorgan Chase (JPM) faced $1.5 billion in losses related to repurchases last quarter and boosted reserves by $1 billion to cover near-term losses. Bank of America (BAC) faced nearly $13 billion in repurchase requests last quarter, with $4.4 billion in liabilities, mainly related to loans sold to government-supported enterprises (GSEs) Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB). Not included in those statistics is a request from eight private-label investors who demand that BofA buy back $47 billion in mortgage-backed securities.
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