Banks make some progress in selling hung bridge loans

05/8/2008 | Wall Street Journal, The

Banks have managed to sell about half of the $300 million in hung bridge loans at the start of the credit crunch, according to Bill Winters, co-head of JPMorgan Chase's investment bank. The loans had been used to finance leveraged buyouts, but got hung up when the credit crunch kicked in last summer. Banks recorded massive charges to move them to their balance sheets when they were unable to sell the loans.

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