Bank of America Corp (BAC)

[altruism]

$6.92 X $6.93 pre-market.... in 3 trading days from a pre-market high of $8.14 to a pre-market low now of $6.89 this is either a great buying opportunity or it's going much lower... retesting some areas we saw 7 months ago imo very possible...

thanks that was another great article been saying for quite a long time that BAC has baggage that's gonna prevent it from seeing prices like it's book value...

Bank of America, the second-largest U.S. bank, faces the biggest threat from repurchase requests because in 2008 it bought subprime lender Countrywide Financial, a major producer of toxic loans during the housing boom. Its mortgage unit has posted more than $30 billion of losses since the beginning of 2010.

About half of the bank's claims are from Fannie Mae and Freddie Mac, which were placed in government conservatorship in 2008 as their loan losses ballooned.

Tensions are so high between Bank of America and Fannie Mae that the bank stopped selling some loans to the agency in February. According to a securities filing, Bank of America had the most outstanding repurchase requests with Fannie as of March 31 - $7.1 billion, or 58 percent of outstanding claims.