Bank of America to write-off 3 Billion Dollars (sic) tied to mortgage bets
Source: Yahoo
14 minutes ago
WASHINGTON (AFP) - Bank of America will likely have to write off around three billion dollars in troubled debt related to subprime mortgages, a senior executive warned Tuesday
Bank of America's chief financial officer Joe Price said the bank expects to write off three billion dollars in pre-tax debt largely linked to such mortgages during the fourth quarter, according to a securities filing.
"These are not normal times," Price said, according to the transcript.
Bank of America's top financial officer also cautioned that the financial giant might have to absorb further write-downs if market conditions worsen.
LinkHere
14 minutes ago
WASHINGTON (AFP) - Bank of America will likely have to write off around three billion dollars in troubled debt related to subprime mortgages, a senior executive warned Tuesday
Bank of America's chief financial officer Joe Price said the bank expects to write off three billion dollars in pre-tax debt largely linked to such mortgages during the fourth quarter, according to a securities filing.
"These are not normal times," Price said, according to the transcript.
Bank of America's top financial officer also cautioned that the financial giant might have to absorb further write-downs if market conditions worsen.
LinkHere
posted by Kangaroo Brisbane Australia at 6:19 PM
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