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Bank of America’s share nosedive fuels fears of a second credit crunch

Guardian – Bank of America continued its tailspin on Tuesday as shares in the largest US bank tumbled by another 6.4% to their lowest level since March 2009, fuelling fears of a second banking crisis.

As concerns mounted that BoA will need to take huge additional write-offs on bad mortgages, the cost of insuring the group’s debt jumped to record levels and investors became increasingly concerned that the financial system could be facing a fresh credit crunch.

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