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  • Bank of America Corp. (NYSE:BAC) Gains Investors' Trust

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    Tuesday Jan. 4, 2011 at 09:41 am EST
    Bank of America Corp. (NYSE:BAC) on  Rise 
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    Bank of America Corp. (NYSE:BAC) gained 6.5% on Monday after the announcement of agreements with the Freddie Mac & Fannie Mae to resolve repurchase claims involving certain residential mortgage loans sold to them by entities related to Countrywide Financial Corporation.

    Bank of America also announced today that in the fourth quarter of 2010 it expects to take a provision of approximately $3 billion related to repurchase obligations for residential mortgage loans sold by Bank of America affiliates directly to Freddie Mac and Fannie Mae (collectively, the Government Sponsored Entities or GSEs).

    "These actions resolve substantial legacy issues in the best interest of our shareholders," said Bank of America President and Chief Executive Officer Brian Moynihan. "Our goals remain the same: put these issues behind us; focus on serving customers and clients; and continue to help distressed homeowners facing difficult times."

    Shares of Bank of America Corp. (NYSE:BAC) closed at $13.34 on Friday at resistance level of $13.24. Major support points for Bank of America Corp. (NYSE:BAC) below Friday's close are at $12.46, $11.93 and at $11.41. Resistance levels above Friday's close are at $13.66, $14, $15.14 and $15.72.

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