Bank of America CEO Ready for a Fight

By Kyle Chezum Updated on 11/16/2010

11/16/2010

Bank of America Corp. Chief Executive Officer Brian T. Moynihan described continued investor demands for refunds on faulty mortgages “day-to-day, hand-to-hand combat.”  Tensions between Bank of America and investors who purchased securities backed by mortgages have risen.  Bank of America plans to review claims “loan by loan,” if that’s what it takes.

“There’s a lot of people out there with a lot of thoughts about how we should solve this, but at the end of the day, we’ll pay for the things that Countrywide did,” said Moynihan.  Still, insurers such as Fannie Mae continue to sue banks, including Bank of America, for losses on mortgage security guarantees.

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