Angelo Mozilo, June 26, 2008: "Bank of America will reap the benefits of what we have sowed.”
Chris Kotowski, January 24, 2011:
Bank of America may book an $8.5 billion charge on costs to resolve disputes over faulty mortgages, a figure at the upper end of the range the company gave last week, according to Oppenheimer & Co. The cost to settle demands from private investors on home loans could be as low as zero and the upper end is $7 billion to $10 billion, the firm said last week in a slide show. The bank may take a charge in this year’s fourth quarter, and costs may expand with lawyers “smelling blood in the water,” Christopher Kotowski, an Oppenheimer analyst, said yesterday in a note. “Were it not for Countrywide and the private-label put- back issue, we would be recommending the stock,” Kotowski said.
BofA Putbacks May Cost $8.5 Billion [Bloomberg]