11.05.2011 - Bank Of America betting billions that the real estate market will rebound
At Bank of America Corp. (BAC), where the companyís 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 firmís performance to a recovery in home prices this year -- a prediction more optimistic than one made by the bankís own economist..............................................Full Article: Source
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