Wachovia, Capital One say credit conditions worsen |
| Guardian Unlimited - Nov 9, 2007 |
Wachovia Corp said on Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial Corp said more customers are having trouble paying their bills as the U.S. credit crisis deepened.
Wachovia, the fourth-largest U.S. bank said the value of so-called asset-backed collateralized debt obligations (CDOs) it holds fell to $676 million as of Oct. 31 from $1.8 billion on Sept. 30. The $1.1 billion pretax loss is in addition to $347 million in the third quarter, Wachovia said.
Wachovia also said it expects to boost loan losses by $500 million to $600 million this quarter, largely in geographic areas that have faced "dramatic declines" in housing values.
Read Full Article from Guardian Unlimited
- Posted: 2007-11-09 10:30:11
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