DCR believes that the master trust has sufficient credit enhancement to withstand such a potential increase in charge offs
such affirmed accounts represent, even under worst case assumptions.
Specifically, the complaint charges that defendants misrepresented the Company's credit quality remained stable throughout the quarter and that its charge off
rate for bad loans would be between 10% and 10.
Excluding the $796,000 estimated charge off
related to the one large credit, net charge offs
for the third quarter are estimated to be approximately $291,000, or 0.
Global Banking News-16 July 2009-Bank of America says charge offs
on credit cards have increased(C)2009 ENPublishing - http://www.
Annualized net charge offs
as a percentage of average-owned receivables declined to 0.