Bank of America notches win in Supreme Court ruling on second mortgages

The U.S. Supreme Court on Monday ruled that underwater homeowners can’t dispose of a second mortgage through bankruptcy, according to a report from The Wall Street Journal, which called the decision a win for Bank of America Corp. (NYSE:BAC) and other lenders. A home is said to be underwater when its mortgage balance exceeds its current value. The case leading to this week’s ruling involved two homeowners in Florida who sought to void their second mortgage with BofA, arguing that since it gets…