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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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3