Come down!!!! the BAC will bounce back up above $16 in few days! It may be down 2% tomorrow, but BAC is solid company to take position at this price. I would take your shares $10,000 and all. But, I'm in the same boat as you are, but my money is bigger than yours. Took $100,000 BAC position in low $16s. To cover my loss position, I'm writing cover calls to make up the difference. I'm making money every week on BAC even my BAC position is at a loss at this time. Right now, I am ahead. So you can too! Its not end of the world, the stock will go back up. dont worry. you will make your money.
Your assessment is correct! BoA was never in prime lending business. Before 2009, BofA was King of banking. 60 minutes did a piece on it. If you everyone could see BofA got short end of the stick on this transaction. Shareholder like me has paid dearly.