BofA, Wachovia, Ambac reveal Q4 write-downs 

Losses on securities and derivatives backed by mortgages and other debt largely cancelled out fourth-quarter profits at Bank of America Corp. and Wachovia Corp, and left bond insurer Ambac Financial Group Inc. $3.26 billion in the red.

Bank of America said fourth-quarter profits fell to $268 million, compared with $5.26 billion a year ago. Profits for the year were also down 29 percent, to $14.98 billion.

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