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No. of Recommendations: 2
I still don't recommend BAC this year unless one is just interested in the attractive dividend yield. CFC's mortgage business has been reported to be worse than originally thought. BAC now has the dubious privilege of having all this bad business on their books, and can expect more and more defaults on mortgages and credit cards as we slip further into inflationary and recession possibilities. Indeed, it wasn't too long ago that I posted on Lewis bemoaning that even his most credit-worthy customers were throwing their keys at the bank without a second thought, unprecedented behavior. This statement was made before the CFC acquisition. BAC is now trading at around book value, meaning the smart money, the big money boys, the hedge funds, aren't pumping money into it.

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