Moynihan says BofA can absorb losses on home-equity portfolio

03/11/2010 | Bloomberg

Brian Moynihan, CEO at Bank of America, said that notwithstanding the multiyear slump in home prices, the company can absorb losses on its home-equity loan portfolio. "We're comfortable that is not a huge issue for us," Moynihan said at an investor conference. The situation is "not pretty" and problem loans have increased, "but it's not a big issue for us in terms of write-downs."

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