Merrill Lynch Warns of Loss on $5 Billion Writedown: Investment bank Merrill Lynch said Friday credit and mortgage woes will lead to it post a third-quarter loss, as it takes almost $5 billion in writedowns in the wake of a credit crunch that paralyzed Wall Street this summer.
Two Banks Face $3 Billion In Mortgage Losses: JPMorgan Chase and Bank of America are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings this month, the Financial Times reported, citing an analyst.
Number of Homeless Families Rises: Data from the U.S. Department of Housing and Urban Development suggests there about 750,000 homeless in the nation on any given night, with about 40 percent of those members of homeless families, said Philip Mangano, director of the U.S. Interagency Council on Homelessness.
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