Sector Snap: Bank of America leads bank selloff

Shares of Bank of America Corp. fell sharply Friday after reports of new government scrutiny of its operations and a pending lawsuit over mortgage-backed securities that lost value in the housing market collapse.

Bank of America shares lost 54 cents, or 6.8 percent, to $7.37 in morning trading.

The stock has now given up the gains recorded after renowned investor Warren Buffett said Berkshire Hathaway Inc. would invest $5 billion in the bank last week, and the additional bump it got following the announced the sale of about half its stake in China Construction Bank Corp. earlier this week.

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- Posted: 2011-09-02 11:32:40

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