The bad news for Bank of America is that mortgages cost the bank $20 billion in the second quarter.
The worse news is that management continues to struggle over the ultimate cost of its mortgage operations.
The mortgage-related costs were announced June 29, including a proposed $8.5 billion settlement with 22 institutions that bought mortgage backed securities (MBS) from Bank of America backed by mortgages that were fraudulent or otherwise didn't meet the underwriting criteria promised to the investors who bought the MBS.
Read the rest of the article at The Street
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