Newport Beach-based bond fund manager Pacific Investment Management Co. has been hired to advise the federal government on its bailout of Bank of America Corp., according to a Bloomberg report.
Pimco has been tapped by the Federal Reserve to help value $118 billion in assets backed by the government, according to the report, which cited unnamed sources familiar with the situation.
The bond fund manager is set to evaluate Bank of America’s holdings, including bonds backed by home and commercial mortages.
The goal is determine Bank of America’s losses from assets that have fallen in value.
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