Wachovia's $1.1bn writedown

Wachovia has announced $1.1 billion in writedowns for the month of October, as the bank’s holdings in collateralised debt obligations and mortgage-backed securities continue to lose value.

In a filing to the Securities and Exchange Commission, America’s fourth-largest bank declared that, in addition to last month’s report of third-quarter market disruption-related losses totalling $1.3 billion, the firm has had to write off almost the same amount again due to the depreciation of CDOs and MBS

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