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Bankruptcy Blip Hits Bank of America.

Mortgage Servicing News

| March 01, 2006 | COPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Charlotte, NC -- Despite reaching an earnings record for last year, Bank of America saw its fourth-quarter results clipped by a surge in bankruptcies.

Like other big banks, Bank of America said the implementation of new bankruptcy laws in mid-October caused a surge of filings by people trying to beat the deadline for the rule change.

Net income in the fourth quarter was $3.77 billion, or $0.93 per diluted share, down from $3.85 billion, or $0.94 per share a year earlier.

Kenneth Lewis, chairman and CEO of Bank of America, said that the impact of the change in bankruptcy laws and the company's practices for overdraft charge-offs ...

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Source: HighBeam Research, Bankruptcy Blip Hits Bank of America.

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