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Bank Of America betting billions that the real estate market will rebound

Posted on 11 May 2011

At Bank of America Corp. (BAC), where the company’s home-price forecasts have proved too good to be true, billions of dollars of new losses are at stake along with the credibility of Chief Executive Officer Brian T. Moynihan.
The 51-year-old Moynihan, who succeeded Kenneth D. Lewis in 2010 after the worst housing market since the Depression, has tied his firm’s performance to a recovery in home prices this year — a prediction more optimistic than one made by the bank’s own economist……………………………………….Full Article: Source


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