Morning roundup: Volcker to formally defend rule bearing his name

Here's a look at what's news in banking and finance after the weekend:

• Former Fed chairman Paul Volcker is expected to file a comment letter defending the regulation bearing his name, arguing that critics are overlooking its good points, the Wall Street Journal reports.
• Investment site Seeking Alpha says Bank of America stock is still undervalued "by most metrics," including price-to-book and price-to-cash. Fairholme Fund manager Bruce Berkowitz is also bullish on the bank, and on the financial sector in general this year, he related in an interview with Bloomberg.
• A growing number of people are opting for "customized" mortgages, fixed rate loans with lengths different from the standard 30 or 15 years, The New York Times reports. The 20-year mortgage is becoming particularly popular.