BofA posts second-quarter loss on mortgage settlement

July 19, 2011

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.