The largest financial exchange traded fund was up nearly 1% ahead of Tuesday’s opening bell along with key holding Bank of America (NYSE: BAC) following reports the lender significantly hindered a federal review of its foreclosures.
B. of A. was slow in handing over data and offered incomplete information, according to the U.S. Department of Housing and Urban Development inspector general’s office, which conducted the review, Bloomberg reported.
The lender delayed the review of its foreclosures on loans insured by the Federal Housing Administration, according to the report.
Separately, B. of A. may book a further $27 billion in housing-related losses, Sanford Bernstein analysts said.