BofA Chief Says Bank Still ‘Struggles Mightily’ on Mortgages
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan told shareholders today the lender is still straining to curtail bad mortgages in a housing market that faces “enormous challenges.”
The biggest U.S. bank needs to resolve disputes that arose with borrowers, regulators, investors and insurers after the 2008 takeover of Countrywide Financial Corp., Moynihan told shareholders at the annual meeting in Charlotte, North Carolina, where the company is based.