Monday, October 19, 2009

Mortgage Crisis Continues

By Robert Gammon
Mon, Oct 19, 2009 at 6:27 AM

Bank of America posted $2.2 billion in losses last quarter because consumers are still having trouble repaying their credit card loans and home mortgages. According to the Associated Press, the bank also added $2.1 billion to its reserves to cover bad loans, bringing its provision for credit losses to $11.7 billion. The bank's total reserve for loan and lease losses now totals $35.83 billion. Citigroup also reported large losses last week, providing strong evidence that Americans are still struggling to repay their debts.


Subscribe to this thread:

Add a comment

Anonymous and pseudonymous comments will be removed.

Most Popular Stories

© 2018 East Bay Express    All Rights Reserved
Powered by Foundation