CHARLOTTE, N.C. (AP) -- Bank of America Corp. said Tuesday its fourth-quarter earnings fell 95 percent, hurt by mounting credit losses and weak investment banking results. Why should Black folks care about this??? Well, a disturbing new report has predicted the subprime mortgage crisis will cause people of color to lose up to $213 billion, leading to the greatest loss of wealth in modern U.S. history. The figure appears in a new report from United for a Fair Economy called "Foreclosed: The State of the Dream 2008." The group accuses mortgage lenders of deliberately targeting the poor and people of color with high-cost loans.Net income at the Charlotte-based B of A dropped to $268 million, or 5 cents per share, in the three months ended Dec. 31 from $5.26 billion, or $1.16 per share, a year ago. So how in the hell are they in a position to bail-out Countrywide???
The bank's revenue fell 32 percent to $12.67 billion from $18.49 billion last year. The quarter included results from LaSalle Bank, which Bank of America purchased on Oct. 1. NY Times has the full scoop.