Bank of America Corp. reported billions of dollars in losses and write-downs for the fourth quarter in what CEO Brian Moynihan said was a "repair and rebuilding year," adding Friday the bank has a plan to improve results in 2011.
But the Charlotte, N.C.-based bank, which has five home loan offices in the Dayton region and is a bellwether in the financial industry, also disclosed as much as $10 billion in future mortgage-related losses could be looming.
BofA lost nearly $1.6 billion in the fourth quarter, or 16 cents per diluted share, as it recorded a $2 billion write-down for its distressed mortgage unit. In the fourth quarter of 2009, BofA lost $5.2 billion on large provisions for future loan losses.
Without the one-time charge, BofA says it would have earned $756 million, or 4 cents per share, in the latest quarter. Analysts had forecast that BofA would earn 14 cents per share in the latest quarter.
For the full year, BofA lost almost $3.6 billion, or 37 cents per share, on $12.4 billion in noncash write-downs in mortgage and debit card business lines, compared with a loss of $2.2 billion in 2009.Couldn't happen to a nicer bunch of Corporate carpetbaggers.