BofA Reports $1.24B Fourth-Quarter Loss

Bank of America Corp. (BAC), the largest U.S. bank by assets, reported a $1.24 bln fourth-quarter loss as costs mounted for refunds, writedowns and litigation tied to faulty mortgages. The loss of 16 cents a share widened from $194 million a year earlier, according to a statement today from the Charlotte, NC-based bank. The lender increased the amount set aside to cover mortgage disputes for the second time in less than a month and added $1.5 bln for legal expenses. – Bloomberg

Jasper - The Real Deal!

Risk Our Money Not Yours | Get 50% Off Any Account!

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

Be the first to comment

Leave a Reply

Your email address will not be published.


*

This site uses Akismet to reduce spam. Learn how your comment data is processed.