Is anyone keeping a tally on exactly how much money is being lost in the mortgage industry? With foreclosures occurring everyday with homeowners and companies filing for bankruptcy faster than they can plan for them, it makes me wonder exactly how much money has been lost.
American International Group Inc (AIG.N) on Thursday posted its biggest-ever quarterly loss, missing Wall Street expectations after being hurt by a write-down of securities exposed to bad mortgage investments.
The world’s largest insurer posted a $5.29 billion loss – the largest in the company’s 89-year history.
Analysts said AIG’s woes were symptomatic of broader problems in financial services, but that it was still nothing to sneeze at — and there could be more bad news in the pipeline.
“It would be folly to see the write-down as the absolute truth regarding their likely claims, but it would be folly to ignore it,” Morningstar analyst Matt Nellans said.
$5.29 billion. Wow. That’s a huge loss. Anyone know where I can find the numbers I am looking for?
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