Bank of America could turn a profit by re-securitizing the $330 million of recently originated “defective” mortgages that it agreed to buy back from Freddie Mac, according to analysts, but the bank said it will hold the loans in portfolio. Resecuritizing repurchased performing residential mortgages could potentially result in substantial gains for lenders such as BofA, if they can fix the minor deficiencies and misrepresentations and re-pool the loans into new Freddie Mac bonds after a manual appraisal, analysts said. Freddie officials have said the government-sponsored enterprise will not...