Charlotte-based Bank of America saw its shares plummet after third-quarter profits dropped 68 percent. It said bad loans in Florida accounted for a sizable proportion of its losses. Florida and California made up 40 percent of Bank of America’s $121.9 billion home equity portfolio, but accounted for 66 percent of the loan losses. The bank also had to raise $10 billion in additional capital and cut its quarterly dividend to 32 cents a share from 64 cents a share.
|Miami investors score EB-5 funding for charter school in south Miami-Dade|
|Missoni Baia, Paseo Miami and Coconut Grove Playhouse submit new plans|
|Investment firm tied to Sol Goldman buys Manalapan mansion|
|Red light camera millionaire buys two bayfront Belle Meade homes|
Joint venture scoops up office complex