Another subprime crisis in the making? American banks sitting on $750 billion in losses on realty debt-related securities; here are sectors most vulnerable
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Bank losses mounting, US economy could be in crisis
The reported losses of $750 billion is roughly whopping seven times more than banks held in 2008. There are many unrealized losses also doing the rounds, which are very important for reporting bank profits. Even though banks have been able to subside similar issues in the past, but there is no saying as to what might happen this time if this loss-making spree continues over time. One of those banks spearheading this crisis is Bank of America, which has undertaken a $116 billion hit to its HTM portfolio in the past three years, which is a whopping figure as far as losses go.
If the worst-case scenario arrives for the US banks in the coming days, the US economy could be at a major risk, and would solely depend on what calls the US Federal Reserve takes on handling the crisis, primarily revolving around interest rates.
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