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Anyone know how the $18b mortgage write off at Citi is calculated?
Have they completely written off the asset value of any property that they own the paper to that has been foreclosed upon? Or have they partially written down each loan based on some preceived market value? Or is it more generic, a percentage write down on the total value of the accumulated paper they have in their portfolio?
Jan 31, 2008
Subprime Mortgage, CDO Bank Losses May Exceed $265 Billion, S&P Forecasts
Losses from securities linked to subprime mortgages may exceed $265 billion as regional U.S. banks, credit unions and overseas financial institutions write down the value of their holdings, according to ... via Bloomberg Business News
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I think the total exposure was around $55 billion, so they have used some sort of formula to get to the $18b.
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