Provision for credit losses decreased $334 million from the year-ago quarter to $963 million due to improvement in delinquencies and bankruptcies primarily within the Card Services business. Noninterest expense decreased $308 million to $4.1 billion compared to the fourth quarter of 2011 as a result of lower FDIC expense and lower operating expenses.
Consumer Real Estate Services (CRES)
|Three Months Ended||Year Ended|
|(Dollars in millions)||December 31 2012||December 312011||December 31 2012||December 312011|
|Total revenue, net of interest expense, FTE basis||$||468||$||3,275||$||8,759||$||(3,154||)|
|Provision for credit losses||485||1,001||1,442||4,524|
|Noninterest expense 1||5,629||4,569||17,306||21,791|
|Average loans and leases||97,912||116,993||104,754||119,820|
|At December 31, 2012||At December 31,2011|
|Period-end loans and leases||$||95,972||$||112,359|
1 Full-year results include a goodwill impairment charge of $2.6 billion in the second quarter of 2011.
- Bank of America funded $22.5 billion in residential home loans and home equity loans during the fourth quarter of 2012, up 41 percent from the fourth quarter of 2011, excluding correspondent originations of $6.5 billion in the year-ago quarter. The company exited the correspondent business in late 2011.
- The number of 60+ day delinquent first mortgage loans serviced by Legacy Assets and Servicing declined by 163,000, or 17 percent, during the fourth quarter of 2012 to 773,000 from 936,000 at the end of the third quarter of 2012 and 1.16 million at the end of the fourth quarter of 2011.
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