
Merrill Lynch said today it had devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.
Also pushing markets lower: The latest report from the National Association of Realtors showed that sales of existing homes fell 8 percent in September, to about 5.04 million, the largest drop in the eight years since the group began compiling the statistic. Median prices also declined to $211,000, down 4.2 percent compared to a year ago.
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