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  • Bank of America Corp. (NYSE:BAC) to Appeal Against Nevada Foreclosure Ruling

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    Monday Jan. 31, 2011 at 11:41 am EST
    Bank of America Corp. (NYSE:BAC) to Appeal Against Nevada Foreclosure Ruling
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    Bank of America Corp. (NYSE:BAC) is appealing against a Nevada judge Robert Lane's order that has blocked progress of over 8,900 foreclosures in the state. The case was filed on January 11th by Suzanne A. North alleging Bank of America Corp. of using fraudulent ways to foreclose her house.

    "The order has created enormous upheaval and confusion in the foreclosure process across Nevada and immediate review is required," said Bank officials. Bank of America moved the case to Federal court in Las Vegas this week and complained in a court filing Thursday that Lane's order was improper as it was issued without notice to ReconTrust, BofA's subsidiary in the above said case and that North will ultimately fail in her lawsuit since Bank of America Corp. (NYSE:BAC) and ReconTrust have complied with Nevada foreclosure laws. Bank also added that the cost associated with delaying thousands of foreclosures is huge and that halting all foreclosures in the state is needless.

    Shares of Bank of America Corp. (NYSE:BAC) are trading at $13.69 on Monday at support level of $13.67. Major support points for Bank of America Corp. (NYSE:BAC) below current price are at $13.28, $12.5, $11.95 and at $11.49. Resistance levels above current price are at $14.38, $14.95 and $15.57.

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