Housing Wire:
Bank of America (BAC: 12.4199 +0.65%) CEO Brian Moynihan told investors in the third quarter conference call Tuesday that past foreclosure decisions were accurate, and the assessment of its processes should be concluded in the next few weeks.
Of the foreclosures BofA completed in the third quarter, 80% of borrowers had not made a mortgage payment for more than one year. On average, borrowers were delinquent on their loan for 560 days, roughly a year and a half. Half of the borrowers were unemployed or had income reduced and a third of the properties were vacant when BofA completed the sale.
BofA reported a $7.3 billion loss in the third quarter after more than $10 billion in write downs for its debit card business.
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