Bank of America takes $1 Billion Mortgage Loss

Bank of America is absorbing a charge-off of $1 billion in its upcoming third quarter earnings statement according to a Sanford Bernstein analyst.

The Charlotte-based bank is projected to lose $700 million from its leveraged homes and $300 million in direct mortgage write-offs. Bank of America is expected to announce its third-quarter earnings on October 18th.

Analysts also indicate that J.P. Morgan Chase is expected to lose at least $2 billion in its latest quarterly report.