Thursday, October 18, 2007
This is all becoming predictable!
Bank of America took a larger than expected hit in Q3 due to write downs and problems in the motgage backed securities sector. There are fears that the effects of these write downs will linger on into Q4 and Q1/08. As I understand it, US banks cultivated the mortgage fraud and exported it to Europe....surely the UK banks must be glowing with some toxic waste!! ?? Q3 results for British banks should make for interesting reading.