Housing Stock #4 -
Bank of America (BAC)
I don’t have faith in any financial stocks right now due to all this bad debt. But a particularly bad “dog with fleas” stock
right now is Bank of America (BAC).
The company swung to a quarterly loss of $2.6 billion on mortgage write-downs, even after being one of the largest recipients of government bailout
I know the stock has bounced back since the March lows, but this is not the time to get greedy. Sell this stock immediately. And remember, until
banks become more secure with their balance sheets, they will continue to create a housing bottleneck by restricting mortgage lending.