Bank of America will restate earnings going back to 2002 to adjust for the accounting of certain derivative transactions related to hedging interest rate risk and foreign exchange exposure.The adjustments, which pertain to Financial Accounting Standard 133, will increase earnings by $345 million over that period. Bank of America said its financial strength will not be adversely affected by the restatement. Alvaro de Molina, chief financial officer, said in a statement, "The interpretations of how to apply FAS 133, a quite complex standard, continue to evolve." Bank of America's review of recent interpretations of the accounting rule led Bank of America to decide that certain of its hedges did not warrant "short cut" treatment under FAS 133, he said. In those cases where the short cut method didn't apply, Bank of America decided it had to run fluctuations in the value of hedging instruments through its earnings statement.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28