SOURCE: The Bedford Report

The Bedford Report

September 05, 2011 08:16 ET

Legal Costs Weigh on BofA -- KeyCorp Remains Scandal Free

The Bedford Report Provides Equity Research on Bank of America & KeyCorp

NEW YORK, NY--(Marketwire - Sep 5, 2011) - The number of expensive lawsuits against US Major Banks has continued to grow this summer. While banks have begun posting improved revenues in recent quarters, lawsuits have been shrinking the sector's bottom line. The Bedford Report examines the outlook for companies in the Financial Sector and provides equity research on Bank of America Corporation (NYSE: BAC) and KeyCorp (NYSE: KEY). Access to the full company reports can be found at:

Last Friday a US regulator sued 17 major banks over losses on more than $41 billion in subprime mortgage bonds, which could hamper a broader government mortgage settlement with banks.

The FHFA has been demanding refunds from banks for loans sold to Fannie Mae and Freddie Mac that were based on false or missing information about borrowers and properties. The two government-backed mortgage finance firms had to be rescued by taxpayers as defaults on home loans soared toward record levels.

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The agency said in Friday's filings that Fannie Mae and Freddie Mac bought $6 billion in securities from Bank of America; $24.8 billion from Merrill Lynch & Co., which Bank of America bought; and $3.5 billion from Citigroup.

KeyCorp was not one of the seventeen unlucky backs to be sued on Friday. KeyCorp has remained relatively out of the legal eye since settling a shareholder's lawsuit this spring that accused the bank of overpaying executives in 2009 -- considering that the bank lost $1.6 billion that year.

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