Industry News

Merrill Lynch posts $1 billion Q3 loss on subprime mortgages

Subprime, CDO write-downs total nearly $8 billion
Published on Oct 24, 2007

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by CareyBot

Merrill Lynch & Co. Inc. said today it posted a $2.3 billion net loss in the third quarter, thanks largely to $7.9 billion in write-downs and losses on investments in subprime mortgages and collateralized debt obligations (CDOs). Those write-downs, which ...