Mortgage news

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Friday, November 9, 2007

Wachovia to allocate $600M for loan losses




November 09 2007 CNBC.com

Wachovia Corp. said Friday the value of securities it owns that are backed by loans sank by about $1.1 billion in October, making it the latest major financial institution to warn of continuing losses in the credit markets. The nation's fourth largest banking company also said it plans to boost its allowance for loan losses in the fourth quarter due to expected creditdeterioration in the housing markets in certain regions. The provision is pegged at $500 million to $600 million in excess of charge-offs in the quarter. Wachovia shares dropped $1.76, or 4.3 percent, to $38.54 in morning trading Friday after falling to a new 52-week low of $38.

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