Too many losses to report, say US banks
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NEW YORK – US banks say they are straining to report the avalanche of subprime mortgage losses as their administrative systems were not designed to report this unprecedented volume of home loan restructurings.
Bankers are appealing to US legislators to change the law from the Financial Accounting Standard 114 rule, in action since 1993, which stipulates that banks must report losses to regain their principal investment.
Legislation requires individual losses to be properly reported to ensure an
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