The Real Deal Miami

B of A loan losses mount

May 14, 2008 01:09PM

Bank of America, the second largest bank in South Florida, has told
analysts it expects losses from home equity loans to be greater than
the 2 to 2.5 percent it projected earlier. The bank has acquired
Countrywide Financial Corp., the nation’s largest mortgage lender, in a
$4 billion transaction that is expected to close in the third quarter.