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  • Is Bank of America Corp. (NYSE:BAC) a Safe Investment Now ?

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    Wednesday Aug 31, 2011 at 10:02 am EST

     
    Is Bank of America Corp. (NYSE:BAC) a Safe Investment Now ?
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    Bank of America’s settlement plans with the mortgage bond holders now suffers a setback as many of the biggies are not on-board with the settlement. This comes after AIG sued the bank for not recovering the losses incurred by BOA-Countrywide.

    The bank’s proposed $8.5 million settlement was challenged by FDIC, Federal Deposit Insurance Corporation by filing an objection with the State Supreme Court of New York. FDIC backed its move saying that “it does not have enough information to evaluate the statement”.



    Shares of Bank of America are trading 1% up currently after dropping 3% on Tuesday to close at $8.12. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $9.7, $10.43, $11.34, $12.13 and $13.56. Major support levels for Bank of America Corp.(NYSE:BAC) below current price are at $7.46 and $6.38.
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