S&P sees more than $265 bln losses for financial firms

January 31st, 2008 by GoldSilver | Posted in Economic News |

Standard & Poor’s on Wednesday said total losses for financial institutions from the unfolding mortgage market problems will eventually reach more than $265 billion.

The rating agency’s comment came after it said it cut or may cut its ratings on $270 billion worth of U.S. mortgage-backed securities and put $264 billion of collateralized debt obligations on watch for a possible downgrade.

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