Friday, April 15, 2011

$2.39bn losses from mortgage debts not repaid

Bank of America reports lower-than-expected profits

Bank of America Merrill Lynch has reported a 38% decline in profits for the first three months of the year compared with a year earlier. Mortgage losses were one of the main causes of the financial crisis in 2008 which saw Bank of America merge with investment bank Merrill Lynch. Heavy losses in the merged unit forced the bank to rely heavily on Federal funds through the Troubled Asset Relief Program.

Posted by doomwatch @ 04:01 PM (1262 views)
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One thought on “$2.39bn losses from mortgage debts not repaid

  • Change the record, you’ve had more than your fill already.

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