Tags: bofa | bank | mortgage

BofA: $3.6 Billion of Additional Legal Losses Still Possible

Thursday, 23 Feb 2012 05:27 PM

Bank of American Corp. reiterated that “reasonably possible” losses from litigation may reach $3.6 billion in addition to funds the firm has already accrued.

The figure, excluding matters in which potential losses are too difficult to calculate, was disclosed in the Charlotte, North Carolina-based firm’s annual filing Thursday. Losses beyond accruals may be as low as zero, the firm said, repeating an estimate range it provided in a quarterly filing in November.

Bank of America was among five mortgage servicers that agreed this month to a $25 billion settlement of state and federal probes into shoddy foreclosure practices. The deal allowed regulators to pursue the industry over claims regarding the packaging of loans into securities.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
115
2012-27-23
Thursday, 23 Feb 2012 05:27 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved