September 27, 2023
Bank of America’s bond losses likely widened in 3rd quarter
By admin | |
The bank was sitting on $105.8 bln of losses on a $614 bln portfolio of mostly agency mortgage securities. Rising rates have translated into a decline of about 3% in the value of agency mortgage securities. The held-to-maturity portfolio was valued at less than 85 cents on the dollar. The overall portfolio has a weighted average life of about eight years.