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
Leave a Reply