Maybe we should change the name of this blog to 'SIV Watch' or something like that.
From the Times-
Bank of America has become the latest institution to take a massive hit from plunging mortgage bond valuations with the announcement that it will take a $3 billion (£1.45 billion) writedown on its portfolio of home loan-backed securities this quarter.
The second-biggest bank in the United States also said that it was injecting $600 million into a structured investment vehicle (SIV), an affiliated entity with a large exposure to high-risk sub-prime mortgages.
Come to the balance sheet baby!
The funds that BAC is sponsoring are named Columbia Management funds.
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1 comment:
You write very well.
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