New details about Bank of America's troubles

CHARLOTTE, NC (WBTV) - WBTV News is On Your Side digging through the trade papers for new details about Bank of America's troubles.

In Wednesday's edition of Forbes Magazine, we found a column entitled "Why Ken Lewis Destroyed Bank of America" written by a business professor at Turk School of Business in Dartmouth.

In the column, the writer says Lewis tried hard to follow in the footsteps of his predecessor Hugh McColl.

The biggest example was the doomed Merrill Lynch acquisition.

In another article we found, the New York Times published a story Wednesday about the Bank of America acquisition.

The article focused on how Countrywide's financial executives are making a profit now on many of their bad loans.

Some former executives have started a business called PennyMac in California.  The company buys delinquent home mortgages in which the government took over.

PennyMac has a deal with the FDIC that gives it 20 cents on every dollar collected from homeowners.

Here are the links to both of these stories: