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Toll May Hit $341 Billion.
New York -- JPMorgan Chase, in a new report, estimates that depositories and investment bankers could be on the hook for $341 billion in mortgage-related writedowns - both residential and commercial - in the years ahead.
The report, which has not been issued publicly, notes that 75% of these writedowns will be borne by federally insured banks.
As might be expected, the largest writedowns will come in subprime residential ($150 billion), followed by commercial mortgages ($56 billion) and consumer credit ($48 billion).
JPM chief of commercial MBS research, Alan L. Todd, author of the study, declined to discuss his findings. Mr. Todd noted that the bank/investment banking firm held a teleconference last Tuesday to discuss the report and that most of his comments were "off the record."
National Mortgage News was not a party to the press conference. A copy of the report was given to this newspaper by an industry source.
In the report, Mr. Todd fears that bank writedowns on collateralized debt obligations will constrain ...
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Source: HighBeam Research, Toll May Hit $341 Billion.