Wachovia Corp. expects to set aside more money in the first half of 2008 to cover troubled mortgage loans, according to its annual report filed Thursday.
Citing "rapidly changing conditions in the housing markets," the Charlotte-based bank said its expense for bad loans will likely be more than .75 percent of average net loans in the first half of the year. It had previously estimated an expense below this level.
The bank, the nation's fourth largest, did not provide estimates for any potential first-quarter writedowns.
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