Liam McGee

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BofA Sees Higher Losses on Home Equity Loans: Report

May 13, 2008By

Bank of America Corp. [stock BAC][/stock] said Tuesday that it now expects losses on home equity loans to reach above estimates offered last month in the company’s first quarter earnings report, suggesting that the credit crunch that hit financial institutions with epidemic force during the back half of last year is now moving towards leveraged consumers as well.