BofA says foreclosure probe may add expense

BofA says foreclosure probe may add expense

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Bank of America Corp (BAC.N) said the wide-ranging probe into banks' foreclosure problems could lead to "significant" legal costs in 2011, according to the bank's annual report filed on Friday with U.S. securities regulators.

The largest U.S. bank by assets said it could not predict the outcome of the various investigations now being conducted by state and federal authorities, but said the probes could results in enforcement actions or various fines and penalties.

Bank of America temporarily halted foreclosures nationwide last fall after it found problems with the documents used to repossess homes.

The bank has since begun refiling documents on roughly 77,000 U.S. foreclosures.

Also, BofA disclosed that it expects foreclosure costs to remain elevated in 2011 after they increased in fourth quarter 2010 due, in part, to fixing the bank's foreclosure process.

(Reporting by Joe Rauch; Editing by Bernard Orr)

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