Uh oh, more losses
Looks like the big banks, including Chase aren’t out of the water yet, no matter how much they may be tooting their own horns lately. According to this article in Business Week, BofA, Chase, and Wells Fargo combined may need to set aside an additional $30 billion in reserves to cover potential loses from home equity (HELOC) loans. We haven’t heard much about HELOC losses but in many cases the loan can get wiped out 100% from a short sale or foreclosure as the loans are secondary to the 1st mortgage.
Foreclosure | admin April 12, 2010
