JPMorgan Chase estimates losses
From Times Wire Services
JPMorgan Chase & Co. said in a regulatory filing that it expected about $450 million in home equity loan losses for the first quarter, and that home equity losses could be double that by the fourth quarter.
The filing elaborated on information given to investors during JPMorgan’s Investor Day on Wednesday, when bank executives said they expected loan charge-offs to increase sharply in 2008.
