BofA posts second-quarter loss on mortgage settlement

By Reuters
Tuesday, July 19, 2011 8:04 EDT
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CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted a second-quarter net loss after agreeing to an $8.5 billion settlement with mortgage bond investors.

The largest U.S. bank by assets reported on Tuesday a net loss of $8.8 billion, or 90 cents per share, compared with net income of $3.1 billion, or 27 cents per share, a year earlier.

(Reporting by Joe Rauch; editing by John Wallace)

Source: Reuters US Online Report Business News

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