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>> WELLS FARGO Latest News

JAN 17, 2013 - Time

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Bank of America’s Earnings Shrink on Mortgage Settlements

NEW YORK — Bank of America says its fourth-quarter earnings shrank as it cleaned up old problems from its mortgage unit. The bank made $367 million in the last three months of 2012 after paying preferred dividends, down from $1.6 billion in the same period a year ago. The earnings were equivalent to 3 cents per share. The bank had warned that it expected earnings to be only “modestly positive.” It took big charges related to a settlement with the government-backed mortgage lender Fannie Mae and a separate agreement in which it and other banks settled government accusations of ... Read More

Tags: Bank of America’s Earnings Shrink on Mortgage Settlements,  Wells Fargo Latest News