Wachovia: Housing woes are far from over

[katty]

more: http://www.cnbc.com/id/23595031/for/cnbc/


Wachovia: Housing woes are far from over| 12 Mar 2008 | 04:49 PM ET Font size: CHARLOTTE, N.C. (AP) - Wachovia Corp., which continues to defend its $24 billion purchase of a California mortgage lender, said Wednesday the downturn in the nation's housing market is nowhere near over.

Speaking to analysts on a Deutsche Bank Securities Inc. conference call, Don Truslow said, "It feels like we have a ways to go." Using a baseball analogy, Truslow said he didn't know if the downturn was in the third, fourth or fifth inning. He added "we're still before the seventh inning stretch." And if the economy gets worse, "we could find ourselves right now in very early innings of the credit cycle," Truslow said.

Wachovia shares fell $1.73, or nearly 6 percent, to $28.05 on Wednesday, closer to the low end of their 52-week range of $25.98 to $57.45.

The Charlotte-based bank, as well as many others, has found itself on shaky ground in the middle of a credit crunch.

[Robbien]

1. Notice that this article comes out after the market closed

and today's frenzied partying wiped out market losses.

Of course the crisis isn't over but shh no one can tell that to the marketeers.

[DemocratInSoCal]

2. FUCK YOU Wachovia

JUST SHUTUP AND GO FUCK YOURSELF.

Like you even give a shit, you overpaid, fraudulent, corrupt Sons Of Bitches.