Bayview Financial LP revealed Friday that it believes a senior employee it has since fired had altered credit data over several recent years on mortgages it securitized to boost his commissions.
In a securities filing and prerecorded conference call, the Miami real estate finance company, which is partly owned by Allstate Corp., said it became aware of the problem in March. It also revealed that the Securities and Exchange Commission is investigating the issue.
Bayview said about 3% of the $3.3 billion of loans in its outstanding residential mortgage securities were thought to have falsified …
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