BofA working through mortgage problems: CEO

Bank of America Corp is working to improve profits by reducing its number of problem mortgages and cutting other costs, Chief Executive Brian Moynihan told shareholders on Wednesday. Moynihan, speaking at the company's annual meeting in downtown Charlotte, said the mortgage business of the largest US bank by assets is "still struggling mightily" as it slowly crawls out from under the billions in soured home loans.
"There's still a lot of work ahead to get through this," Moynihan told shareholders. Moynihan said the bank is working through the mortgage issues, but cautioned that the woes will not vanish overnight. The two primary risks to the mortgage business are regulatory demands and the potential cost of principal writedowns, he said.