Bank of America details potential MBS buyback, legal costs
Feb 28 (Reuters) - Bank of America Corp may incur another $4 billion in losses on future repurchases of troubled mortgage securities, as well as up to $3.1 billion in legal losses beyond the amount it has reserved, the bank said in a securities filing on Thursday.
The second-largest U.S. bank by assets also said its litigation expenses, excluding lawyer costs, fell 25 percent last year, to $4.2 billion from $5.6 billion in 2011.
Bank of America detailed the expenses and potential losses in its annual filing with the U.S. Securities and Exchange Commission.
- Ukraine accuses Russia of "undisguised aggression" as rebels advance |
- Disruptive Hong Kong protests loom after China rules out democracy |
- Syrian army, rebels fight on Golan where peacekeepers held |
- NATO to create new 'spearhead' force to respond to crises
- Investors look past Ukraine, focus on ECB