Monday, Oct 12, 2009

Is the UK any better?

Bloomberg: Writedowns on US Mortgage Servicing Make Even JPMorgan Vulnerable

"The four biggest U.S. banks by assets may have to take writedowns on $55 billion of mortgage- collection contracts after marking them up by $11 billion in the second quarter, casting a shadow over earnings. Mortgage rates fell about 0.26 percentage point in the third quarter, according to Freddie Mac, and servicing costs are rising, meaning the four banks, which handle collections on more than $5.9 trillion of U.S. mortgages, may face writedowns"

Posted by alan @ 12:25 PM (730 views)
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1 Comment

1. fallingbuzzard said...

Second quarter earnings were a complete fabrication created by breaking the long accepted accounting rules. The US (and UK for that matter) can try and stand behind the banking system but eventually the truth has to come out.

Monday, October 12, 2009 12:33PM Report Comment

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