Kenneth Lewis, Bank of America Corp.'s chief executive, said it wants to repay its $45 billion of federal rescue funds starting next month, the Los Angeles Times reported Wednesday, citing an interview with the CEO.
B of A plans to pass the government's so-called stress test and will complete the repayment as soon as the financial system is stable, according to the paper.
Also Wednesday, B of A disclosed it had about $114 billion of off-balance-sheet credit card debt.
Under new accounting rules, a portion of that debt may shift back on to its books.
The Charlotte company also said it had about $360 billion of securitized mortgage debt that was not backed by Fannie Mae or Freddie Mac. About $58 billion of the nonguaranteed debt was in subprime loans, B of A said, and about $138 billion was in alternative-A mortgages.
