Bank of America's (BAC) Lewis Doesn't See 20% Upside From Mark-to-Market Easing
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In a CBNC interview, Bank of America (NYSE: BAC) CEO Ken Lewis comments on today's mark-to-market ruling. Lewis said if mark-to-market rules are eased it would be a positive for his company, but he doesn't sees a 20% change in fortunes like some have suggested.
Later today, FASB, will vote on loosening mark-to-market standards for banks. If approved, banks will have more flexibility to set their own values for certain mortgages, corporate loans and consumer loans that are plaguing their balance sheets. The new values will likely be much higher than the 'market' value.
Lewis also said that while March was slower than the first two months of the year, BofA will still be profitable.
Later in the interview, the CEO suggested that he is seeing some signs that early delinquencies on some products are abating.
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