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Sovereign Bancorp, the Philadelphia-based bank in which Grupo Santander of Spain has a 25 per cent stake, said it expected to take a $1.6bn writedown in the fourth quarter based on higher customer loan defaults and the decline in value of its investment in a New York savings and loan institution.
Banks both large and small across the US are suffering as mortgage defaults have spread to credit cards, car and other types of consumer loans. The troubles are now hitting European banks that expanded rapidly in the US in recent years.”*
*From: http://www.ft.com
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