And there goes Bank of America again.
Both it and JPMorgan are getting crushed right now, as concern about foreclosures and mortgage putbacks continue to weigh on the megabanks.
There’s something about Bank of America’s action that’s particularly nausea-inducing. It’s the relentless selling — all headlines not withstanding — that suggest the market knows something or thinks something that nobody can voice about how bad this will get.
Some comments from Sheila Bair — via ZeroHedge — about how the mortgage mess will be costly, are clearly not helping.