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Two Banks Face $3 Billion In Mortgage Losses
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JPMorgan Chase and Bank of America are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings this month, the Financial Times reported, citing an analyst.
JPMorgan [JPM
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] is likely to report mark-to-market losses on leveraged loans of about $1.4 billion and an additional $700 million in write-downs of mortgages and mortgage-backed securities, according to Howard Mason, analyst with Sanford Bernstein, the paper reported.
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Nell Redmond / AP A Bank of America branch. |
] will take write-downs of $700 million for leveraged loans and mortgage write-downs of $300 million, the paper said.Other banks have already taken losses on the value of their holdings in mortgage-backed securities and leveraged loans.
Citigroup [C
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] , the biggest U.S. bank, took a pretax write-down of $1.4 billion as of the end of the third quarter.
Bear Stearns [BSC
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] said last month it was writing down its $7.6 billion portfolio by about $250 million, or 3.2%. Morgan Stanley [MS
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] wrote down its $31 billion portfolio by $726 million, or 2.3%.
The losses by the banks were the result of credit turmoil in recent months that drove down the values of mortgage and loan-related securities.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
