Thursday, August 4, 2011

NewsDaily: BofA to take $13 billion more in charges: Bernstein

Hard to believe with large bailouts and given that BOA is servicer and not owner of mortgages that the losses are hitting so hard...

NewsDaily: BofA to take $13 billion more in charges: Bernstein: "A group of public pension funds and a group of bondholders have challenged Bank of America Corp's $8.5 billion settlement with holders in soured mortgage-backed securities, which the bank expects will result in $20 billion of charges and a second-quarter loss.

The bank was hit hard by toxic home loans after BofA bought mortgage lender Countrywide Financial in 2008, just as the housing market bubble was bursting, ensuing billions of dollars in losses.

Bernstein also cuts its earnings view on top U.S. investment banks Morgan Stanley and Goldman Sachs, citing the prolonged weakness in U.S. housing, negative impact of European debt and turmoil in the"

No comments: