by Calculated Risk on 5/26/2008 03:24:00 PM

From Bloomberg: UBS Falls After Saying More Mortgage Losses Possible

UBS, in the prospectus for its 16 billion-franc rights offer, said the bank's losses on non-U.S. residential and commercial real-estate securities ``could increase in the future.''
...
``UBS will have to fight against negative news flow for at least several more quarters,'' said Rolf Biland, who helps manage about $3.1 billion, including UBS shares, as chief investment officer at VZ Vermoegenszentrum in Zurich. ``The U.K. housing market is almost as overheated as in the U.S., and could lead to losses for banks.''

U.K. home values fell for an eighth month in May ...

The confessional is still open.