Advertisement

UPDATE 2-Laurentian Bank continues to review problem mortgages

From Reuters - February 28, 2018

* Q1 EPS C$1.49 vs forecast C$1.54

* Expects mortgage review to be completed in Q2

* Agrees with CMHC full mortgage review not required (Adds earnings, background on mortgage concerns)

By Matt Scuffham

TORONTO, Feb 28 (Reuters) - Laurentian Bank of Canada said on Wednesday it was continuing to review problematic mortgages sold to an unnamed third party last year and may need to repurchase more of the loans.

Laurentian said in December that it might have to buy back about C$304 million in mortgages sold to an unnamed third-party purchaser after an audit found documentation issues and client misrepresentations.

In January, it said it had so far repurchased C$180 million of the problem mortgages and might have to buy back mortgages worth C$392 million in total.

Advertisement

Continue reading at Reuters »