photo by Yvonne in Willowick Ohio
Quote for the day:
"I was praised for things I didn't do; I am now being blamed for things that I didn't do."
Alan Greenspan
In the news:
Washington Mutual Inc, the largest U.S. savings and loan, received a $7 billion capital injection from private equity firm TPG Inc and other investors. Wamu will close its 186 stand-alone home loan offices and stop offering loans through mortgage brokers. Wamu expects a first-quarter loss of $1.40 per share almost three times what was previously expected.
The IMF says losses from the U.S. mortgage crisis may approach $1 trillion. Falling U.S. house prices and rising delinquencies may lead to $565 billion in mortgage-market losses and total losses, including the securities tied to commercial real estate and loans to consumers and companies, may reach $945 billion. So far banks and securities firms have posted $232 billion in asset writedowns and credit losses. Sphere: Related Content
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