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Credit Quality
Overall credit quality deteriorated in the second quarter. Net charge-offs in the second quarter were $1.5 billion, or 1.55 percent of average loans annualized. As previously disclosed, beginning in the second quarter we changed our home equity charge-off policy
from 120 days to no more than 180 days, consistent with FFIEC guidelines. The impact of this change deferred approximately $265 million in home equity charge-offs from second quarter, although the change in policy did not reduce second quarter provision expense
which included the deferred charge-offs. ]]> Fri, 18 Jul 2008 13:48:12 -0400
Credit Quality
Overall credit quality deteriorated in the second quarter. Net charge-offs in the second quarter were $1.5 billion, or 1.55 percent of average loans annualized. As previously disclosed, beginning in the second quarter we changed our home equity charge-off policy
from 120 days to no more than 180 days, consistent with FFIEC guidelines. The impact of this change deferred approximately $265 million in home equity charge-offs from second quarter, although the change in policy did not reduce second quarter provision expense
which included the deferred charge-offs. ]]>