Monday, May 07, 2012

BofA Shareholders And Protesters Target BofA Management Over Foreclosures


Shareholders making their way to Bank of America’s annual meeting in uptown Charlotte on Wednesday may find themselves weaving through scores of protesters angry over everything from coal-project financing to executive pay.

The shareholders have concerns of their own: Bank of America’s stock price has fallen nearly 40 percent since last year’s annual meeting in Charlotte. And despite a modest rebound so far in 2012, the lender’s performance still lags its big-bank peers.

While protesters and shareholders have vastly different concerns, they do have one major issue in common: the bad mortgages that continue to weigh down the bank.

Subprime mortgages contributed to hundreds of thousands of people losing their homes. They also have cost the bank billions in legal settlements and loan losses.

Protesters want to see a halt to foreclosures. Shareholders, weary of write-downs and legal costs, are eager for the bank to put the mortgage issues behind it and focus on growth.



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