"JPMorgan Chase warned of more housing weakness across its mortgage portfolio this year and also said it would cut more jobs related to its purchase of failed savings and loan Washington Mutual than originally planned.
During presentations at the company's investor day in New York Thursday, executives noted that home-equity loan losses could climb as high as $1.4 billion per quarter this year.
The New York City-based bank said 'non-credit impaired' loans would suffer in 2009 due in large part to the ongoing decline in home prices across the country, as well as the weaker economic climate."
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JPMorgan warns of more housing weakness
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