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Bank of America first quarter earnings down on legal legacy issues

Shares of Bank of America Corp (NYSE:BAC) are trading lower in the early session after the mega bank reported a first quarter loss of $247 million. The loss was largely attributable to legal woes related to the mortgage crisis of 2007. A one-time settlement of $6 billion was charged in the quarter. It seems like the bank can’t get over its lending practices stemming from the housing bubble of the early 2000s. However, excluding one-time charges related to the mortgage settlements, the bank earned 14 cents a share, which was 5 cents higher than analysts’ consensus.