Bank of America stock is down about 43% from its 52-week high. The U.S. stock market seems to be shrugging off problems in the financial sector. I don't think it will do that much longer. The U.S. economy is built on credit, and banks that are under pressure don't issue many loans, assuming people want them in the first place.Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems it acquired when it purchased the failing mortgage provider Countrywide in 2008 could leave BofA on the hook for billions of dollars.
See full article from DailyFinance: Countrywide's Mortgage Document Errors May Doom Bank of America - DailyFinance