Bank Of America, Mortgage Crisis | featured news

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 U.S. bank by assets is "still struggling mightily" as it slowly crawls out from under the billions in soured home loans.

Curtailing a moratorium sooner than expected, Bank of America said it would resume 102,000 foreclosures in 23 states where court approval is needed to go ahead.

Bank of America trails other banks in refinancing mortgages ahead of government deadline.