Like all other crisis, this one will be over one day. Looking back people will say what a company BAC is, they never cut their dividend in the perfect storm but bought CFC and turned it around and now they are biggest mortgage lender too. Stock price will be north of $75 and it will be the stock of the retirees.
That day may be 2 years away. I think because they have money and ego, BAC will not cut divy and ride out a few tough quarters. Shorts answering your post are scared of the what if scenario you posted and hence you wont hear answers to your question. Big boys will get out just in time leaving these guys holding the bags. I think after their announcement to not cut divy, the stock will jump back to $35 and over the next few months will trade in $30-40 range until the next rumor/news. A savvy trader will take advantage of the swings.
The best answer to the question is what has happened over the last few months. They have not cut the dividend but the stock has dropped dramatically because of a lack of confidence. Probably further declines to go but that will be muted by the hopes that the dividend statements from mgmt are real. I think they will continue to bounce around the mid twenties until after the CFC deal is closed. Then if they do not cut the div and the Q2 #'s are ok then the price should quickly rocket back up into the $30's. I don't see it happening but that is what I would expect.