Bank of America remains hamstrung by housing market woes | Business | guardian.co.uk
Woes in the housing market have dragged down income at Bank of America, which has posted a 37.5% decline in first-quarter earnings.
The US's largest bank reported net income of $2bn (£1.2bn), or 17 cents per share, compared with $3.2bn, or 28 cents per share, in the same quarter a year ago. Analysts had forecast earnings of 27 cents a share, according to Thomson Reuters.
America's struggling housing market was the main drag with the bank losing $2.39bn in its residential mortgage unit, compared with a $2.07bn loss in the same quarter a year earlier. In 2008, Bank of America bought Countrywide, once the country's largest seller of sub-prime home loans, for $4bn and its portfolio and legacy is still a millstone for the bank.
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