BofA - Blames loss on their inability to use monopoly pricing power on debt card transactions

Bank of America Loses $7.3 Billion in Third Quarter

Bank of America said Tuesday that it lost $7.3 billion during the three-month period ending in September. The company attributed the deficit to new financial reform regulations related to credit and debit card payments. On the mortgage side of its business, though, the company is seeing improvements. Mortgage banking income jumped 95 percent last quarter, the ratio of nonperforming loans and assets declined, and no sizeable losses are expected from the company's foreclosure suspension and affidavit problems.

 

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