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Bank of America Corp. (NYSE:BAC) shares decline by 1.06%

Boston, MA 06/17/2013 (wallstreetpr) – The share prices of Bank of America Corp. (NYSE:BAC) had declined by 1.06 percent to close at $13.07 per share for the end of last trading session on Friday. The shares of the bank holding company had been trading in the range of $13.03 to $13.24 per share for the day, after opening at $13.23 per share. The shares of Bank of America Corp. (NYSE:BAC) had recorded 52 week low price level of $6.90 per share and 52 week high price level of $13.99 per share.

Bank of America Corp. (NYSE:BAC) is a financial institution primarily engaged in providing banking, investing, asset management and risk management products and services to individual consumers, small and middle market businesses, corporations and Governments. Six former employees of Bank of America Corp. (NYSE:BAC) had recently alleged that the bank had deliberately denied loan modifications to eligible home owners and had also lied to them about their mortgage payments and documents.

The bank had allegedly used these tactics to shepherd the home owners into foreclosure as well as in house loan modifications so that the bank could earn profits higher than that would accrue through the government sponsored Home Affordable Modification Program, according to the documents recently filed as part of the lawsuit in Massachusetts federal court.

The former employees of Bank of America Corp. (NYSE:BAC) who worked at the Bank’s branches throughout the United States had also reported that the bank holding company had been rewarding the customer service representatives with cash bonuses and gift cards to popular retail stores such as Target Corp and Bed, Bath & Beyond Inc. if they managed to pursue their clients into foreclosures on home loans.

Bank of America Corp. (NYSE:BAC) had witnessed the trade of 101.38 million shares on Friday, while the average trading volume is at 135.81 million shares per day.

Published by Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.

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