Wachovia sees higher loan losses
From MarketWatch:
Wachovia sees higher loan lossesBank says CDO portfolio lost more than $1 bln during October
Due to the October market deterioration, its asset-backed collateralized debt obligations, or CDOs, experienced further declines in value in the month of October 2007 by an amount it currently estimates to be approximately $1.1 billion pre-tax.
In the third quarter, market disruption-related losses totaling $1.3 billion pre-tax included $347 million of subprime-related valuation losses, net of hedges, on CDOs.