Bank of America (BoA), which releases first quarter earnings shortly, is facing more writedowns on its Countrywide Financial Corp. (CFC)-related mortgage holdings, according to a new report from Credit Suisse.

Initiating coverage of BoA with a "neutral" rating, CS analyst Moshe Orenbuch writes that when the bank bought Countrywide last summer CFC's $92 billion (mostly) residential portfolio was marked down by $14.4 billion or 15.6%.

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