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BofA: $1.2 Billion Q4 Loss

By Anonymous

From Nelson Schwartz at the NY Times DealBook: Bank of America Posts 4th-Quarter Loss of $1.2 Billion

The earnings report was complicated by a series of one-time gains and losses, most notably a $4.1 billion charge for mortgage repurchase claims, including the impact of an agreement late last month with Fannie Mae and Freddie Mac, the government-sponsored mortgage giants, to buy back troubled loans. In addition, Bank of America took a noncash charge of $2 billion to reflect a write-down of goodwill on its acquisition of Countrywide ...

Here is some information from the presentation on foreclosures:

Foreclosures
? Resumed foreclosure sales in most non-judicial states in early December, starting with vacant and non-owner occupied properties; expect to resume sales in remaining states in 1Q11
? Maintaining a deliberate and phased approach
? Remain committed to ensure no property is taken to foreclosure improperly
? Review of our foreclosure process shows the basis for our decisions has been accurate
? Process areas identified for improvement

Delinquency Statistics for Completed Foreclosure Sales
? 78% of borrowers had not made a mortgage payment for more than one year
? Average of 585 days in delinquent status (approximately 19 months)

Full post as published by Calculated Risk on January 21, 2011 (boomark / email).