That's almost five per cent of all the mortgages the bank sold to the unnamed buyer. "No employees were implicated in any misrepresentations and the documentation issues appear to have been unintentional," the bank said, without elaborating. In addition, the bank also said that the same audit uncovered an additional $91 million worth of mortgages that shouldn't have been sold to the unnamed buyer but were. But "all of the mortgages to be repurchased are performing in line with the bank's overall mortgage portfolio," Laurentian said. After the quarterly earnings came out, Laurentian Bank shares briefly hit a 52-week high of $62.92 per share, but that was before Bloomberg first reported on the mortgage audit.

Source: CBC News December 05, 2017 20:37 UTC