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Bank of America says nearly half its mortgages are 'bad'
“We are creating a classic good bank, bad bank structure,” Laughlin told investors at a meeting in New York Tuesday, according to Bloomberg. He was promoted last month to manage the costs of resolving disputes stemming from the company’s 2008 purchase of Countrywide Financial Corp. “We’re going to get after this, we’re going to do it the right way and we’re going to put it to bed in the next 36 months,” he said.
COMMENT:
The number is no doubt much higher than what Bank America is letting on about. No one working for Bank America, hired to talk for them, or otherwise, has ever once told the truth about the buisness of BOA. --RR