Bank of America hit by $3bn sub-prime losses

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Troll replied

13 November 2007, 21:12
led by bank stocks.... weird
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_V_ replied

13 November 2007, 21:07
Originally posted by bored View Post

That's old news - the stock market is going up again

Last week was scary though.

Too right. Stock market will only go up now. Buy buy buy!

Bye bye.
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bored replied

13 November 2007, 20:43
That's old news - the stock market is going up again

Last week was scary though.
Leave a comment:
2uk replied

13 November 2007, 20:02
Thank you Bush , keep raging in the middle east. You make it easier for first-time buyers like me
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AtW replied

13 November 2007, 19:22
Thing is, property market in the USA is measured in trillions of dollars, this means that if it falls by 10% then assets owned by banks who gave morgages will drop by similar amount, meaning hundreds of billions of dollars wiped off valuation - they gave good money to buy those houses, but on their balance sheets they will have petals.
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DimPrawn started a topic Bank of America hit by $3bn sub-prime losses

13 November 2007, 19:16
Bank of America hit by $3bn sub-prime losses

http://news.bbc.co.uk/1/hi/business/7093464.stm

Bank of America has revealed that it will have to write off $3bn caused by exposure to bad mortgage-related debt.

The US bank said the loss will dent its fourth quarter earnings, but added that it was "manageable".

It also said it expects to set aside $300m to cover further housing-related losses.

Bank of America is the latest bank to reveal heavy losses as a result of investments linked to the crisis-hit US sub-prime home loans market.

I bet this is the tip of the iceberg.
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