Bank of America details potential MBS buyback, legal costs

Thu Feb 28, 2013 4:43pm EST

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.