BofA Lewis:'We May Have Peaked In Total Credit Losses'

Bank of America Corp. (BAC) Chief Executive Ken Lewis said Friday that losses from delinquent loans may lessen soon.

But the loans Bank of America took on through the acquisition of mortgage lender Countrywide Financial continue to perform worse than management had expected, Chief Financial Officer Joe Price said during a conference call with investors after third-quarter earnings were released.

During the same call, Lewis said that, overall, "we believe we may have peaked in total credit losses this quarter, although the levels going forward will continue to be elevated and certain businesses will still experience higher losses."

Read Full Article from Wall Street Journal

- Posted: 2009-10-16 10:50:19

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