BoA Reports Mortgage Banking Loss

Bank of America Corp., Charlotte, N.C., has reported net income of $3.76 billion ($0.91 per share) for the third quarter, up from $2.92 billion ($0.96 per share) a year earlier, but said it had taken a $250 million loss in its mortgage banking operations.The loss in mortgage banking income resulted from lower origination volume and a writedown of mortgage servicing rights, BoA said. The company also reported that it realized $732 million in securities-related gains "as it repositioned its mortgage-backed securities to reduce mortgage prepayment risk." BoA touted its commercial MBS underwriting operations, saying it had become the top U.S. deal manager in CMBS in the first nine months of 2004. The company can be found online at http://www.bankofamerica.com.