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Subject BofA: Credit woes to affect 3Q earnings, here we go again, lol

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Original Message hot off the presses, at 5:08 on yahoo news

Bank of America Corp. expects turmoil in the credit markets to have a "meaningful impact" on third-quarter results at its corporate and investment bank.

According to a statement by Chief Financial Officer Joe Price at an investor conference Monday, "The flight to quality has had an impact on any number of credit activities by denying liquidity even when there is no apparent problem with the underlying assets."

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Price cites prime jumbo loans, which market participants would routinely sell. Investors, he says, are now wary due to being "burned" in other consumer real estate-related areas.

He says capital markets and advisory services are being adversely affected by those conditions, mostly in trading.

Price's statement was filed Monday with the Securities and Exchange Commission.

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