Bank of America in the red amid wrangle with investors

first_imgTuesday 19 October 2010 8:02 pm BANK of America (BoA) said yesterday it would vigorously defend itself against demands from investors who have written to the bank to insist it take back billions of dollars in failing mortgages originally issued by its Countrywide subsidiary.The Federal Reserve Bank of New York, BlackRock and Pacific Investment Management are believed to be among investors that have written to the bank. BoA, led by chief executive Brian Moynihan, said: “We’re not responsible for the poor performance of loans as a result of a bad economy. We don’t believe we’ve breached our obligations as servicer. We will examine every avenue to vigorously defend ourselves.”News of the letter emerged as the bank reported better-than-expected third quarter earnings on declining credit losses, though a hefty one-off charge on its debit and credit card business sent it plunging into the red.Excluding the non-cash goodwill charge, BoA reported earnings of $3.1bn (£1.97bn), or 27 cents per share, compared to analyst forecasts of 16 cents per share. Including the $10.4bn charge, the bank posted a net loss of $7.3bn, compared to a loss last year of $2.2bn. whatsapp Show Comments ▼ Share More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the whatsappcenter_img Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedUndoOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressUndoStudent SeaHilariously Relatable Family Photo FailsStudent SeaUndo Bank of America in the red amid wrangle with investors KCS-content Tags: NULLlast_img read more