Monday, July 14, 2008

Washington Mutual Stock Down More Than 25%; Analyst Says It Faces $28 Billion In Losses

WaMu shares were down over 25% in midday trading. Lehman Brothers analysts in a note Monday said WaMu could be forced to substantially boost its reserves to cover an estimated $28 billion of losses on the balance sheet, with $21 billion coming from mortgages.

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