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

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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.

 

SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI  REAL ESTATE
38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536
www.sunilsethi.com  

CA DRE#: 01173766

 

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