JP Morgan Chase estimated that its holdings of Fannie Mae and Freddie Mac preferred stock lost about half of their value the third quarter now underway, according to a regulatory filing with the Securities and Exchange Commission. JP Morgan says...

The Royal Bank of Scotland reported losses of 761 million pounds today, due to a 5.9 billion pound writedown on risky assets. Chief executive officer Fred Goodwin described the bad news as "a chastening experience" that every bank should go...

UBS said today that everyone can quit worrying about more writedowns coming out of the Swiss bank. It is assembling a new governing board-- this one with "real supervisory function" as well as "financial expertise"-- whose goal first and foremost...

So shares of UBS moved up after the Swiss banking giant announcedginormous write-downs related to bad debt exposure and admitted it has another $15 billion in subprime exposure. Deutsche Bank raced in with its own write-downs, driving up its shares...