Bank of America Joins Parade of Mortgage-Related Losses
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The bank cited huge write-downs of mortgage-related securities and higher provisions for future losses in credit card and home equity loans.
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Some of the biggest U.S. home builders reported large quarterly losses on Wednesday on big charges for lower property values and said orders continued to crumble, underlining the weaker U.S. housing market.
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The home builder reported that it swung to a loss in the first quarter, continuing a trend of bad news in the housing market.
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Accredited Home Lenders Holding Co , a struggling subprime mortgage lender, on Tuesday posted a $260.2 million quarterly loss and said it remained unsure it would survive the fallout from a slumping U.S. housing market.
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Bank of America Corp , the No. 2 U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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CHARLOTTE, NC | A successful integration with FleetBoston Financial Corp. and declining business in mortgages has led Bank of America Corp.
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.
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Bank of America Corp  on  Thursday said it will stop offering home mortgages through  brokers by the end of the year, resulting in a loss of 700  jobs, so that it may focus on lending directly to consumers.
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Bank of America Corp  and Wachovia Corp , the second- and fourth-largest U.S. banks, on Tuesday said quarterly profits were nearly wiped out by more than $10 billion of credit losses and write-downs.
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Washington Mutual Inc , the  largest U.S. savings and loan, posted a $1.87 billion  fourth-quarter loss on Thursday, its first quarterly loss in  more than a decade, battered by mortgage defaults and  write-downs.
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The Bank of America Corporation, the Wachovia Corporation and PNC Financial Services Group said on Wednesday that losses tied to bad debt would be worse than expected.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Bank of America missed analystsâ earnings expectations and provided investors with more evidence of how the mortgage and credit crisis has affected the economy.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.
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Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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Bank of America Corp. , the second-biggest US bank by market value, said it lost $450 million when dairy company Parmalat SpA collapsed in 2003 in Italy's biggest bankruptcy.
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Wall Street's most important investment banks amassed about $5 billion in losses from bad loans in three months due to the credit crunch that has been squeezing the financial system.