Verdict Contributes to Drop in Bank of America’s Stock Price

Bank of Americas common stock price dropped 2.13% on Wednesday as it became known late in the afternoon that the company was found guilty in a federal lawsuit.

The government sued the company regarding loans sold by Countrywide to Fannie Mae and Freddie Mac.

There were nine other members of the Mortgage Industry Equity Composite that closed lower, including Fidelity National Financial, down 1.41%, and CoreLogic, down 0.95%.

Dime Community was unchanged from its Tuesday close. KB Home led all gainers, up 1.63%. Home Loan Servicing Solutions was up 0.95%, and PennyMac was up 0.69%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Verdict-Contributes-Drop-Bank-of-America-Stock-Price-1039541-1.html

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