February 28, 2018 / 12:00 PM / 8 months ago

Laurentian Bank continues to review problem mortgages

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. (Reporting by Matt Scuffham Editing by Keith Weir)

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