Why hasn't Wachovia had as many write downs as some of the others on the street? I hope this isn't an overly simplistic topic, but I haven't heard or read anything about significant write downs and they are the only competitor in my area. Thanks!
they have not written down per se but rather increased their reserves for bad loans/mortgages. just a different spin for the most part.
If you stand back and look at the big picture, how ludicrous was it that bankers, of all people, actually thought that it was prudent to lend to increasing numbers of people, using dramatically reduced credit underwriting standards, backed up by collateral that was elevated 3-4 standard deviations above long term price appreciation. Paul McCulley has some good observations here: