Tags: bofa | bank | mortgage

BofA: $3.6 Billion of Additional Legal Losses Still Possible

Thursday, 23 February 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.

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Thursday, 23 February 2012 05:27 PM
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