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  • Bank of America Corp. (NYSE:BAC) May Sell Countrywide lending unit

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    Friday Sept. 2, 2011 at 10:09 am EST

     
    Bank of America Corp. (NYSE:BAC) May Sell Countrywide lending unit
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    Bank of America Corp. (NYSE:BAC) is in process of getting rid of a low-margin Countrywide unit that buys loans from smaller mortgage companies. This can put hundreds of jobs at stake.

    Bank of America Corp. (NYSE:BAC) is trying different things to conserve cash and get rid of non profitable businesses. If the bank doesn't find a potential acquirer, it would shut down the business, jeopardizing 1,400 jobs.



    Shares of Bank of America are currently trading at $7.45, down 6% from Yesterday's close. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $8.79, $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 $7.33 and $6.38.
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