Bank of America said 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. FactSet’s consensus earnings estimate for Bank of America was 2 cents a share.
Bank of America agreed to pay Fannie Mae $3.6 billion and buy back some loans it sold to Fannie Mae for an additional $6.75 billion.
Mortgage unit weighs on Bank of America earnings
Most Popular Articles
Latest Articles
Moehrl trial not likely until January 2025
In a status report filed on Monday, HomeServices of America and the Moehrl plaintiffs pegged a four-week window in January 2025 for a possible trial.
-
As insurance costs rise, Florida homeowners are given a new option
-
Opinion: Fannie Mae’s title insurance pilot program overreaches
-
Bipartisan housing policy efforts are gaining traction, but challenges remain
-
Opinion: Reformed FHA program will offer lenders new business opportunities
-
AI isn’t just a buzzword to these housing executives