(Source: By E. Scott Reckard, Los Angeles Times) – Bank of America Corp. is facing a crisis of confidence on Wall Street as investors sent the stock tumbling to levels not seen since the financial crisis and the cost of insuring its debt against default rises to near-record levels.
Investors are deeply worried that losses on housing-boom home loans will continue to hurt the beleaguered banking giant, which has taken $76 billion in write-offs over the last two years. Much of the damage stems from its ill-fated takeover of Countrywide Financial Corp., the ultra-aggressive Calabasas mortgage lender.
Source: By E. Scott Reckard, Los Angeles Times
August 24, 2011
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