Shares of Bank of America (NYSE:BAC) are feeling the pinch after a jury found the company liable for Countrywide's "Hustle" loan program. According to Motley Fool analyst Matt Koppenheffer, Bank of America is left holding the bag in this ruling, since it acquired Countrywide after the company had been pushing out bad loans.
However, Matt's not too worried about the effect of the ruling on Bank of America, since the bank may only have to pay a maximum of under $900 million; that's not much compared to Bank of America's $8.5 billion settlement currently in court. In fact, Matt still thinks Bank of America and its big bank peers are solid buys.
Fool contributor Mark Reeth has no position in any stocks mentioned. Matt Koppenheffer owns shares of Bank of America. The Motley Fool recommends Bank of America. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.