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Economy

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BofA’s Earnings Shrink On Mortgage Settlements

January 17th, 2013 12:19 pm Associated Press

NEW YORK (AP) — Bank of America says its fourth-quarter earnings shrank as it cleaned up old problems from its mortgage unit.

The bank made $367 million in the last three months of 2012, down from $1.6 billion in the same period a year ago. The earnings were equivalent to 3 cents per share.

The bank had warned that it expected earnings to be only “modestly positive.” It took big charges related to a settlement with the government-backed mortgage lender Fannie Mae and a separate agreement in which it and other banks settled government accusations of wrongful foreclosure practices.

Earnings beat the expectations of analysts polled by FactSet, who predicted 2 cents a share.

Revenue was $19.6 billion after stripping out an accounting charge, down from $26.4 billion. That missed expectations for $21.2 billion.



  • nobsartist

    So when do those that got fucked get their money? 50 MILLION AMERICAN thrown out of their homes and its no big deal.

    A couple of gun massacres and they are quick to create new laws but NOTHING FOR 50 MILLION AMERICANS.

    BOTH PARTY’S ARE CORRUPT AND SHOULD BE CONCERNED ABOUT GUN VIOLENCE WITH 50 MILLION AMERICANS THAT GOT FUCKED BY THE BANKS WALKING AROUND WITH GUNS AND NOT HAPPY WITH THE ASSHOLES IN WASHINGTON.