Info
Submitted by WWAY on Wed, 03/12/2008 - 2:24pm.

CHARLOTTE (AP) -- The chief risk officer at Wachovia says the downturn in the nation's housing market is far from over. Don Truslow told analysts on a Deutsche Bank Securities conference call today that it feels like the downturn has a ways to go. Truslow says he doesn't know if the downturn is in the third, fourth or fifth inning, using a baseball analogy. Charlotte-based Wachovia has faced scrutiny for expanding in the mortgage business at the peak of the housing market. It acquired California-based mortgage specialist Golden West Financial for $24 billion in 2006. Wachovia said last month it expects to set aside more money for bad loans. The bank took more than $3.2 billion in write-downs in the second half of 2007 because of the falling value of certain complex investments. (Copyright 2008 by The Associated Press. All Rights Reserved.)

Full Story »
The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.

Reply