One of the country’s largest banks by assets and branches, Bank of America also provides credit cards, asset management, and other money-related services.
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Bank of America will be one of only a few large banks. They own Merryl Lynch and Countrywide. The latter gives them nearly 20% of the entire mortgage portfolio, but with little downside risk because that was placed in a subsidiary corporation and is not guaranteed by BAC. The prior will prove to be a near-term overpayment, but long-term it will be profitable as investors return to the market in the coming years.