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Royal Bank of Canada Subprime Loss Exceeds $350 million

0 Comments Published November 14th, 2007 in Banks, Markets.

Royal Bank of Canada (RBC) announced that RBC subprime write-downs will be around $360 million. Because of the realization of some of its work with Visa, RBC subprime will probably result in only a marginal effect on its bottom line. RBC was up over 2 percent on the Toronto Stock Exchange.  The Royal Bank of Canada subprime loss will be felt for some time.

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« Bank of America (NYSE: BAC) $3 billion writedown – yay!
Japanese Banks Hold $12 Billion in Subprime Assets »
This blog discusses subprime mortgage problems. Subprime problems began when lenders offered loans to potential home owners with bad credit or credit / income that did not meet the standards of traditional lending. Subprime mortgages for people with bad credit or no credit face an uncertain future. Once the hope of many to enter into home ownership has now been corrupted both by overreaching consumers and predatory lenders. I hope to follow the aftermath of this crisis.

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