From David Ellis at CNNMoney: Bank of America losses grow to 5.2 billion
Losses at Bank of America widened to 5.2 billion.
Wednesday, the nations biggest bank said that repaying funds from TARP, or the Troubled Asset Relief Program, hurt profits by $4 billion during the quarter.
The company would have reported a loss of $194 million not including the one-time charge.
Bank of America said it lost 60 cents a share while analysts were expecting a loss of 52 cents a share.
The Charlotte, N.C. based lender lost $2.4 billion, or 48 cents a share, in the fourth quarter 2008.
Bank of America's homebuilders loan portfolio, for example, declined from the third quarter.
Overall net charge-offs, or debts the company believes it will never be able to collect, also fell, while the company set aside less money for bad loans during the quarter.
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