US Economy - Bank of America writing down $3b
Bank of America Corp., the US second-biggest bank, said yesterday it will take a $3 billion debt-related write-down in the fourth quarter and warned its losses could grow as the market wrestles with the fallout from the housing and mortgage-lending slump. The Charlotte-based bank said it will also spend about $600 million to support a group of its money market funds because of "uncertainty around the value" of the funds investments. Of specific concern are the funds' holdings in structured investment vehicles, which use borrowed money to make risky but potentially high-yielding investments.
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