Wall Street slips amid economic concerns about mortgage market meltdown

December 4 2007 CNBC.com Wall Street wilted Tuesday as investors awaiting next week's Federal Reserve meeting remained uneasy that fallout from the slumping housing market could bring more bank losses and pull the economy into recession. Meanwhile, JPMorgan downgraded major securities firms, warning that while further write-offs of bad mortgage debt might help the firms' stocks, longer-term concerns about their risk management might hurt their overall valuation. JPMorgan lowered its earnings estimates for some of Wall Street's biggest players: Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Morgan Stanley. Those investment banks and other financial companies fell, including Washington Mutual Inc., Citigroup Inc., Bank of America Corp., the government-sponsored Freddie Mac and Fannie Mae, and JPMorgan Chase & Co.

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