Bank Of America: Wider Home Equity Loan Losses
Bank of America, the second- biggest U.S. bank,
widened its forecast of home-equity loan losses beyond projections offered last month.
The bank expects losses to top 2.5% of its $118 billion in loans linked to home values.
B of A the nation's largest credit-card issuer, is also seeing a "recent sharp increase" in spending on necessities by its credit-card customers.
The increase in necessities spending has curbed non essential retail, travel and entertainment purchases.
widened its forecast of home-equity loan losses beyond projections offered last month.
The bank expects losses to top 2.5% of its $118 billion in loans linked to home values.
B of A the nation's largest credit-card issuer, is also seeing a "recent sharp increase" in spending on necessities by its credit-card customers.
The increase in necessities spending has curbed non essential retail, travel and entertainment purchases.
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