Posted by John Schenk on 7/19/11 10:10am
Msg #390147

BOA posts $8.83B loss/ Housing starts rise 14.6%

BANK OF AMERICA POSTS LOSS ON MORTGAGE TROUBLES

Banking giant swings to 2Q loss of $8.83 billion, or 90c a share, as mortgage-related charges weigh heavily on results, although they were partially offset by lower credit costs. Revenue falls sharply, particularly in consumer businesses, but tops Street's expectations.


US JUNE HOUSING STARTS RISE 14.6%


U.S. home construction is up in June to the highest level in five months, but the troubled sector's woes are still weighing on the economy. Economists surveyed by Dow Jones Newswires expected housing starts to rise by 2.0%.