US banks reveal more debt losses
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Three US banks, including Bank of America, warn that losses linked to bad debt will get worse.
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Citigroup  and Goldman Sachs  are the most exposed to further writedowns from leveraged loans in the first quarter, as the value of loans and bonds created to finance leveraged buyouts plunges, Bank of America said.
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Another bank took an ax to its asset valuations Friday, as the parade of markdowns induced by the recent credit crunch continued. The latest ten-digit chop came from Wachovia Bank, which said it wrote down loans and other securities by a total of $1.3 billion in the third quarter, contributing to an overall profit decline [...].
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Government bodies have lost tens of millions of pounds in debts and fraud, a spending watchdog says.
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US markets lose ground as data shows repossessions and overdue mortgage payments in the US at record levels.
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American retailers have revealed further evidence that US shoppers are cutting back
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The housing slowdown has caused Americans to miss more payments on home loans, though more appear to be paying their credit card bills on time.
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Swiss banking giant UBS said on Thursday it had suffered a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007 after losing billions in the US mortgage crisis.
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US sub-prime mortgage losses exceed "the most pessimistic estimates", the Federal Reserve's Ben Bernanke says.
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Business & money: Watchdog warns banks that balance sheets will be under extra scrutiny and so they should not try to hide the worst effects of the credit crunch
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Bank of America Corp  and  Wachovia Corp , the second- and fourth-largest U.S.  banks, on Tuesday said quarterly profits were nearly wiped out  by more than $10 billion of credit losses and write-downs.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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Swiss bank UBS reports a worse-than-expected third quarter loss, hit by bad debt in the US housing market.
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US 10-year Treasury notes fell for a fifth week after a report that a Chinese central bank official said his country trimmed its holdings of US government debt.
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Higher customer fees offset rising loan losses and pressure from interest rates and mortgage lending.
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The bank cited huge write-downs of mortgage-related securities and higher provisions for future losses in credit card and home equity loans.
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.