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BRIEF-Laurentian Bank Of Canada Disclosed Issues Arising From A Review Of Mortgages

Published 2017-12-11, 06:45 a/m
BRIEF-Laurentian Bank Of Canada Disclosed Issues Arising From A Review Of Mortgages
LB
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Dec 11 (Reuters) - Laurentian Bank Of Canada LB.TO :

* ON DEC 5, CO DISCLOSED ISSUES ARISING FROM A REVIEW OF MORTGAGES THAT IT HAD SOLD TO A THIRD PARTY PURCHASER

* LAURENTIAN BANK OF CANADA SAYS DOES NOT BELIEVE MATTERS RELATED TO THE MORTGAGES ARE MATERIAL TO BUSINESS, CAPITAL, OPERATIONS, FUNDING

* THE DISCLOSED ISSUES RESULTED IN CO REPURCHASING SOME MORTGAGES & MAY RESULT IN IT BEING REQUIRED TO REPURCHASE ADDITIONAL MORTGAGES

* LAURENTIAN BANK OF CANADA SAYS HAS AVAILABLE LIQUIDITY ON HAND TO REPURCHASE AFFECTED MORTGAGES

* AFFECTED MORTGAGES ARE PERFORMING "IN LINE" WITH CO'S OVERALL RESIDENTIAL MORTGAGE PORTFOLIO

* ESTIMATED VALUE OF MORTGAGES THAT MAY BE REPURCHASED FROM THIRD PARTY BUYER IS ABOUT 1.6 PCT OF CO'S TOTAL RESIDENTIAL MORTGAGE PORTFOLIO

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