September 4, 2018 / 11:40 AM / 3 months ago

Laurentian Bank buys back $103 million of mortgages after review

TORONTO, Sept 4 (Reuters) - Laurentian Bank of Canada said on Tuesday it had repurchased mortgages worth C$135 million ($103 million) after a review found they had been incorrectly sold to Canada’s federal housing agency.

The bank said in February that it was reviewing mortgages sold to the Canada Mortgage and Housing Corporation’s (CMHC) securitization programs after an audit found “documentation issues and client misrepresentations.”

$1 = 1.3146 Canadian dollars Reporting by Matt Scuffham

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