Bank of America (BAC) and Citigroup (C) are missing out on the biggest mortgage profits on record after catastrophic losses during the housing crash made them wary of offering new loans, Bloomerg’s Heather Perlberg wrote.

“Loans have never been safer, they’ve never been more profitable,” said Scott Simon, the mortgage head at Pacific Investment Management Co., manager of the world’s largest bond fund. “Bank of America is the biggest mystery to us. Now I get that they got their faces torn off. But this is a different environment.”

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3d rendering of a row of luxury townhouses along a street

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