RobertB
November 9th, 2007, 06:24 PM
Banks warn subprime will impact 4Q
By IEVA M. AUGSTUMS, AP Business Writer 7 minutes ago
CHARLOTTE, N.C. - Several of the nation's leading banks warned Friday the subprime lending crisis will contribute to another round of losses in the fourth quarter, a sign that fallout from the housing and mortgage-lending slump is spreading deeper into the nation's credit markets.
Wachovia Corp. began the day by writing down the value of its loan-backed securities by about $1.1 billion, and was followed by Bank of America Corp. and JPMorgan Chase & Co., which both said their fourth-quarter results would suffer — although neither bank quantified any potential mark downs in filings with the Securities and Exchange Commission.
http://news.yahoo.com/s/ap/20071109/ap_on_bi_ge/mortgage_mess_banks;_ylt=AqDM3nFsQMyb3Zv3JG7E74KyB hIF
By IEVA M. AUGSTUMS, AP Business Writer 7 minutes ago
CHARLOTTE, N.C. - Several of the nation's leading banks warned Friday the subprime lending crisis will contribute to another round of losses in the fourth quarter, a sign that fallout from the housing and mortgage-lending slump is spreading deeper into the nation's credit markets.
Wachovia Corp. began the day by writing down the value of its loan-backed securities by about $1.1 billion, and was followed by Bank of America Corp. and JPMorgan Chase & Co., which both said their fourth-quarter results would suffer — although neither bank quantified any potential mark downs in filings with the Securities and Exchange Commission.
http://news.yahoo.com/s/ap/20071109/ap_on_bi_ge/mortgage_mess_banks;_ylt=AqDM3nFsQMyb3Zv3JG7E74KyB hIF