July 15, 2008
The situation is increasingly bleak for Wachovia Corp. and the bank’s mortgage portfolio will continue to lose value, “seriously jeopardizing” the company’s ability to generate earnings, an influential analyst warned on Tuesday.
The latest note of caution came as the government moved to reassure people their money is safe in the nation’s banks. Yet fears about the system persisted and financial shares were broadly lower Tuesday, signaling another tough day for the stock market.
Federal Reserve Chairman Ben Bernanke is scheduled to brief Congress Tuesday on the economy, which has been walloped by high energy prices and fallout from the housing slump and credit crunch. The testimony also comes amid a backdrop of rising oil prices and a slumping dollar, and as stock markets overseas tumble amid worries about the U.S. financial system.
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