SEC Sought Information on Bank of America's Lending Reserves Last Year (BAC)

The SEC sought information about a part of Bank of America's BAC lending reserve last year, a company filing showed. Specifically, the Securities and Exchange Commission wanted information pertaining to its methodology of loan-loss reserves used to repurchase faulty home loans. In a letter dated January 29, 2010, the SEC said: "Discuss the level and type of repurchase requests you are receiving, and any trends that have been identified, including your success rates in avoiding settling the claim." Shares of Bank of America closed at $13.44 on Monday. A Reuters report notes that "Bank of America had temporarily halted foreclosures nationwide last fall after it found problems with the documents used to repossess homes."