Bank of America Sinks Industrys Total Mortgage Banking Results
July 22, 2011
Bank of Americas staggering $13.2 billion net loss on its mortgage banking operations overwhelmed fairly stable performance by the rest of the industry during the second quarter, according to a new analysis of earnings reports from 13 lenders by Inside Mortgage Trends. Including BofAs huge loss, the group posted an aggregate loss of $9.8 billion for the second quarter, drowning out a modest $2.9 billion profit during the first three months of the year. The landmine in BofAs second quarter results was a $14.0 billion provision for ... [includes one data chart and one graph]