(Source: CNNMoney.com)
Banks hurt by growing credit losses
July 19, 2007: 04:42 PM EST
Jul. 19, 2007 (AFX International Focus) —
NEW YORK (AP) – Evidence is growing
that the problems in the subprime mortgage market are spreading to other sectors,
as banks’ quarterly earnings begin to take a hit from increasing credit losses.
Banks of all sizes are feeling the heat, according to a new report by Jupiter,
Fla.-based Weiss Research Inc.
‘There are problems with non-performing loans up and down the food chain,’
Martin Weiss, the company’s president, said. ‘It is clearly our concern…that
this is not contained to the subprime industry.’
The credit crunch has reduced quarterly earnings as charge-offs increase and
banks are forced to reserve more money for credit losses.
See the full article here:
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-18266848.htm
