Ghost of Countrywide May Haunt Bank of America (BAC) For Another 5 Years

Over four years after purchasing Countrywide, the wiz kids at Bank of America (NYSE: BAC) have finally quantified Countrywide's liabilities, and it isn't pretty. Bank of America CEO, Brain Moynihan, told FOX Business Network correspondent Charlie Gasparino that the amount of liabilities it acquired from Countrywide is $50 billion dollars.

Moynihan is also telling people that it might take three to five more years to sort out the problem.

Ultimately, he thinks Merrill Lynch will bail Bank of America's out of the mess it got itself into when it purchased the doomed mortgage company.

Get Alerted Instantly When News Breaks on BAC and Other Stocks with EasyStockAlerts.com

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• BofA Securities Starts ProQR Therapeutics N.V. (PRQR) at Buy
• Strathmore Plus Uranium names Richard Newbury to its board
• Active options: BAC PLTR SNDK GOOGL IREN AVGO MSTR SOFI NKE WFC