BofA Will Buy Back $330 Million of Mortgages From Freddie
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Bank of America Corp., the second-biggest U.S. lender, will buy back $330 million of home loans from Freddie Mac, the mortgage company seized by the government, after flaws were found in how they were created.
Payments on the “vast majority” of the loans are current, according to Dan Frahm, a spokesman for the Charlotte, North Carolina-based bank. McLean, Virginia-based Freddie Mac disclosed the buybacks in a statement yesterday, without directly citing the lender.