Monday, July 18, 2011 – 10:40 a.m.
Bank of America, one of California’s largest lenders, is taking another hit today.
The company’s shares have fallen well below the $10 level this morning on news published on Bloomberg that the bank will have to raise another $50 billion in capital due to heavy losses from its acquisition of Countrywide Mortgage.
That’s billion with a ‘B’……….
As discussed here, major money center banks will likely suffer significant setbacks, because of the continued decline in real estate values and stagnant economy.