Leveraged buyout

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Mortgage Woes Drive 10 Percent Drop in Earnings at Wachovia

Oct 19, 2007By

Wachovia Corp. reported its third quarter earnings today, and the song-and-dance is pretty much what has become common this earnings season: increasing loan loss reserves and write-downs in the value of mortgage-backed portfolio securities holdings, resulting in earnings below what analysts had expected.

3d rendering of a row of luxury townhouses along a street

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