Two big banks painted a gloomy picture of the housing market and the economy in annual reports filed Thursday.
Wachovia Corp. said it expects to set aside more money than previously estimated in the first half of 2008 to cover troubled mortgage loans, citing "rapidly changing conditions in the housing markets."
Bank of America Corp., in its 10-K report, said falling home values, uncertainty in energy costs and the overall economic slowdown may lead to "recessionary conditions" and will adversely impact its 2008 results.
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