Friday, November 5, 2010

S&P says large banks could lose $31B from mortgage

S&P says large banks could lose $31B from mortgage
buybacks, Reuters reports
Nov 5 at 06:57
Profile hits: NONE

      The largest U.S. banks may lose up to $31B as a result of buying back
bad mortgages, according to an S&P report cited by Reuters. Bank of America
(BAC) and JP Morgan (JPM) have the most potential losses from such repurchase
obligations, followed by Wells Fargo (WFC), Citigroup (C), US Bancorp (USB) and
PNC Financial (PNC), according to S&P. [Reference
Link]:[http://www.nytimes.com/reuters/2010/11/04/business/business-us-usa-forecl
osures-banks.html?ref=business]

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