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Bank of America reports $1.2bn loss

Bank of America has reported a second straight quarterly loss, driven by a $2bn (£1.25bn) writedown of its mortgage business.

The bank announced a net loss of $1.2bn in the last three months of 2010, compared with a $5.2bn loss a year ago.

However, last year’s results included a $4bn charge related to the government’s Troubled Asset Relief Program (Tarp).

Chief executive Brian Moynihan said 2010 was a “necessary repair and rebuilding year”.

“Our results reflect the progress we are making at putting legacy – primarily mortgage-related – issues behind us,” he said.

The bank had previously warned that it would write down the value of its mortgage business, given the foreclosure crisis in the US, which has seen homeowners – facing high unemployment and slow job growth – fall behind on their mortgage payments.

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