Bank of America Corporation (NYSE:BAC) is the world's largest holding bank company in terms of 2009 assets and total revenue. Through its numerous subsidiaries, the Charlotte, North Carolina-based bank offers a full range of financial and non-financial services in three principal divisions: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. The firm has a strong geographical presence in all 50 U.S. states and the District of Columbia, as well as in 40 foreign countries, and serves over 55 million consumer and small business clients. For the full year 2010, Bank of America reported a total revenue of $111.4B and a net loss of $2.2B.^[1]

The weak US housing market causes the rate of foreclosures to remain high with approximately 1.8M homes either delinquent or in foreclosure.^[2] Increased or sustained foreclosures puts a significant cost on Bank of America's Home Loans and Insurance segment.

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