Bank of America Friday morning reported a fourth quarter loss of $5 billion on its residential finance and insurance unit, citing $4.1 billion in representation and warranty costs tied to buybacks from Fannie Mae and Freddie Mac. In the year ago quarter its mortgage loss was $1 billion.

In 4Q10 it originated $85 billion of first mortgages, a $10 billion gain from 3Q10, but trailed market leader Wells Fargo & Co. by a stunning $43 billion.

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