If market conditions should deteriorate further and losses on the loans continue to grow then the bank could be forced to take even more losses, Chief Financial Officer Joe Price said at an investor conference in New York. The bank joins other larger financial institutions in reporting losses related to the home loans to borrowers with poor credit. US banks have reported $45 billion in losses related to the mortgages so far. (m&c.com)
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
