Published October 16, 2009
The Bank of America reported a massive $2.2B Q3 loss as more people default on their mortgages and lines of credit as unemployment continues to rise
The U.S. second-largest bank, the Bank of America, has posted poor Q3 (July to Sept) 2009 earnings, posting a massive $2.2 billion (a loss of $0.26 per share) loss in the quarter.
Revenue was up 33-percent in Q3 to $26.04 billion, but the increased losses stemming from an increasing number of people defaulting on their mortgage and credit loans resulted in those two units losing more than $1 billion in the period.
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Published February 14, 2009
The Obama Administration is getting ready to unveil a new $50 billion+ plan to halt home foreclosures and to help struggling home owners get lower monthly payments to avoid foreclosure. In 2008, foreclosures were up 81% over 2007, with 2.3 million foreclosed. Press Secretary Robert Gibbs said Friday the plan would be designed to help “the 10,000 Americans each day that have their homes foreclosed on, ” The Bank of America along with JPMorgan Chase and Morgan Stanley have agreed to halt foreclosures until March 6, 2009.
JPMorgan Chase CEO Jamie Dimon said, “We stand ready to work with you…to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages,”
Importantly, in 2009 so far, 13 banks have failed in the U.S., including Corn Belt Bank, Riverside Bank, Sherman County Bank, Pinnacle Bank, among others, amid the global financial credit crisis.
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