Friday, April 15, 2011
$2.39bn losses from mortgage debts not repaid
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.