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The countries largest mortgage lender reprots 2nd quarter earnings

 

The nations largest mortgage lender and one of the countries largest banks provided welcome news to investors today.

The financial markets are likely to continue their climb up from the abyss as Bank of America today provided some welcome news with their second quarter earnings. Following a theme that has been consistent by other large banks, the company posted earningst that beat most estimates forecasts, despite coming in well short of their 2007 quaterly earnings for the same period.

Earlier in the year, Bank of America acquired Countrywide, the countries largest mortgage lender. The combined companies are now the dominate force in the mortgage industry. Bank of Americas stock price sank to a one year low of $18.75 per share on July 15th and since this date has climbed up over 40%. The bank reported net income for the quarter over three billion dollars and the company appears poised to recover strongly once the housing markets finally reach their bottom. The company has set aside almost seventeen bilion dollars to cover charge offs related to underperforming mortgage loans and will be closely watched a key indicator for strenght in the credit and housing markets.

7-20-2008 ? LoanNetwork.com

 

 

 

 

bank of america @ loannetwork.com

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