BofA Reports $9.1 Billion Loss In 2Q On Settlement
NEW YORK (AP) - Things keep getting worse for Bank of America.
The nation's largest bank reported a loss of $9.1billion during the second quarter, partly due to an $8.5 billion settlement with investors. That agreement, reached in June, settled claims that the bank had sold the investors poor-quality mortgage bonds.
The Charlotte, N.C. bank has been hamstrung by litigation and demands from investors who want Bank of America to buy back the bonds that it sold years ago. In the quarter, the bank set aside an additional $1.9 billion to fight litigation bringing the total mortgage-related charges in the second quarter to $20.7 billion. The bank does not disclose the total amount reserved for litigation costs.
Associated Press text, photo and/or graphic material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP Materials nor any portion thereof may be stored in a computer except for personal and non-commercial use. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing.
Latest Stories
- Glodean Champion Launches "The Process to LOVE™"
- Sundial Media & Technology Group and Creator Currency Networks Launch CreateHer Network to Address $31.8 Trillion Women Creator Economy Gap
- Illinois Peace Project Debuts the 2025 'Peace Portraits’ Honorees
- DCASE Brings Two Major Exhibitions to the City of Chicago This Summer: Fabiola Jean-Louis’ Waters of the Abyss and Blondell Cummings: Dance as Moving Pictures
- American Cancer Society VOICES of Black Women Ambassador Dr. Erica Austin Convenes local Black Women to promote Women’s Health
Latest Podcast
STARR Community Services International, Inc.
