Home-equity loans bring major losses for Bank of America

Home-equity loans bring major losses for Bank of America

Of all the mortgage woes at Bank of America, one of the less-publicized ones could turn into one of the most expensive: home-equity loans.

From the beginning of 2008 through the first quarter of this year, the Charlotte bank has racked up $18.5billion in home-equity loan losses, according to an analyst report last week. That was about 40 percent of the bank’s $46billion in housing-related losses so far, and more than any other category.

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