Bank Of America Reports Big Loss In 4Q

NEW YORK — Bank of America on Friday reported a loss of $1.6 billion in the fourth quarter after its costs related to soured home loans increased.The quarter’s results were a clean-up effort by the bank in an endeavor to start 2011 wit…

NEW YORK — Bank of America on Friday reported a loss of $1.6 billion in the fourth quarter after its costs related to soured home loans increased.

The quarter’s results were a clean-up effort by the bank in an endeavor to start 2011 with a clean slate. The deep slump in the real estate market has continued to hamper Bank of America more than its competitors because of its 2008 purchase of Countrywide Financial, the country’s largest mortgage company at the time.

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