Jan 17, 2013 7:22 AM by Associated Press
NEW YORK (AP) - Bank of America says 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.
The bank had warned that it expected earnings to be only "modestly positive." It took big charges related to a settlement with the government-backed mortgage lender Fannie Mae and a separate agreement in which it and other banks settled government accusations of wrongful foreclosure practices.
Earnings beat the expectations of analysts polled by FactSet, who predicted 2 cents a share.
Revenue was $19.6 billion after stripping out an accounting charge, down from $26.4 billion. That missed expectations for $21.2 billion.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com