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Bank of America's Fourth Quarter Can't Go Well -- and Won't (Update 2)

If it proves more costly, analysts will have to revise upward their projections for Bank of America's mortgage losses. Most of those projections still use that far-from-done $8.5 billion deal as a benchmark.

Bank of America's share price may easily finish 2012 above the $6.48 level where it closed on Tuesday, assuming Europe doesn't come apart in the meantime. Still, anyone who believes the bank's troubles are in the rear view mirror is likely to be in for a nasty surprise.

Indeed, the likelihood of a short-term Bank of America selloff only looked more pronounced shortly before the close on Wednesday, with Bank of America shares up more than 4% to $6.74.

-- Written by Dan Freed in New York. Follow this writer on Twitter.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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