Financial Business Review: JPMorgan and Other Lenders Boost RESERVES For Buybacks

Five top U.S. lenders, including JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Wells Fargo & Co. (NYSE:WFC), Bank of America Corporation (NYSE:BAC), and Ally Financial, are setting almost $3 billion into reserve to buy back mortgages that have gone awry, as Fannie Mae and Freddie Mac have stepped up their efforts to persuade banks to take such steps, according to Bloomberg calculations. Meanwhile, regional lenders such as SunTrust Banks Inc. (NYSE:STI) have set aside an extra $1.3 billion for the same purpose.

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