Wednesday, April 17, 2013 2:45 pm
News Summary: BofA's mortgage gains, profit miss
By The Associated Press
HOMES SWEET HOMES: Bank of America funded $25 billion in home loans, 56 percent more than a year ago. The overall mortgage unit, however, continued to lose money, hurt by lower profit margins and legal costs.
BY THE NUMBERS: Profit amounted to $2.3 billion after stripping out payments to preferred shareholders, far greater than the $328 million from a year ago. But those numbers are tricky to compare: Last year's results were hurt by a big accounting charge because the value of the bank's debt rose. Per share, profits missed analysts' estimates.