"The mortgage market is healing - the housing market is healing, it's not going up, but it's not going down," he said.
That's not to say Bank of America doesn't have other things to worry about. Also on Tuesday, four analysts released bearish reports about Bank of America and other large banks. They cited factors such as the European debt crisis and tougher regulations that have weighed on bank stocks since late March. Still, if housing has indeed stabilized, it would clearly take a big monkey off Bank of America's back.
-- Written by Dan Freed in New York.
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