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February 29, 2008
J.P. Morgan's Losses From Loans May Double
J.P. Morgan Chase reports a surge in charge-offs for home-equity loans to $564 million last year from $143 million the prior year. In the 2007 fourth quarter by itself, charge-offs soared more than 65 percent to $248 million from $150 million during the previous three-month period. The company's net charge-off rate rose to 0.62 percent in 2007 from 0.18 percent in 2006, hitting 1.05 percent in the fourth quarter.
Posted by S. Germain at February 29, 2008 08:23 AM