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BofA's earnings shrink on mortgage settlements


February 20. 2013 2:30AM
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(AP) Bank of America says its fourth-quarter earnings shrank as it cleaned up old problems from its mortgage unit.


The bank made $367 million in the last three months of 2012, down from $1.6 billion in the same period a year ago. The earnings were equivalent to 3 cents per share.


The bank had warned that it expected earnings to be only modestly positive. It took big charges related to a settlement with the government-backed mortgage lender Fannie Mae and a separate agreement in which it and other banks settled government accusations of wrongful foreclosure practices.


Earnings beat the expectations of analysts polled by FactSet, who predicted 2 cents a share.


Revenue was $19.6 billion after stripping out an accounting charge, down from $26.4 billion. That missed expectations for $21.2 billion.


Associated Press


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