Bank of America Corp. tried hard last week to cast its first-quarter results as its long-awaited turning point, but a resurgent problem spoiled the party: mortgage woes.

All but one of B of A's business units finished the period in the black, but its mortgage and insurance business posted a loss of $2.07 billion on higher losses in home equity lending, declining volumes and shrinking margins. Though chief executive Brian Moynihan preached about a strong recovery Friday, fixing those mortgage issues was top of mind in his discussions with analysts, and he cautioned that it could take several quarters for losses to abate and for the company to start expanding its mortgage and home equity books.

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