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Wednesday, September 10, 2008

BofA: Builder Portfolio "Not Pretty"

by Calculated Risk on 9/10/2008 12:40:00 PM

BofA Presentation material is here.

Webcast here.

BofA just concluded a presentation. No story yet, but here are some headlines (hat tip Joshua and Brian):

BofA sees some softening on Commercial Asset Quality

Q3 to be "a little choppy" in capital markets.

BofA sees higher loss rates.

BofA's $13B home builder portfolio "not pretty"

BofA home builder losses grew faster than expected.

BofA see elevated credit costs, no "major pain"

BofA other commercial / industrial loans show weakness.