Uploaded by FinancialNewsOnline on Dec 21, 2011
Bank of America (NYSE:BAC) is said to be on the verge of settling a U.S. Justice Department probe into whether its Countrywide Financial unit violated fair-lending practices, according to people close to the issue and reported in Bloomberg.The DOJ is "being very aggressive reviewing mortgage data, and where they determine a lender is not adequately serving a particular community, they are doing things like requiring banks to open branches in lower-income areas," said Warren W. Traiger, a lawyer at New York-based Buckly Sandler LLP who advises financial firms on fair-lending compliance.
Bank of America (NYSE:BAC) has potential upside of 91.7% based on a current price of $5.12 and an average consensus analyst price target of $9.81
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