Which banks have mortgage risk?

It’s no secret that Bank of America has been hammered by the foreclosure fiasco and the related worries that banks are going to be forced to buy back bad mortgage-backed securities both from Fannie and Freddie — so-called agencies — and from other investors in the so-called “private label” market. It’s a tough issue for investors and analysts to get their arms around. Credit Suisse analyst Moshe Orenbuch takes a crack at it in a note published Tuesday.

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