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Published on: 11/9/2007
Last Visited: 11/11/2007
"Our update view of 2008 charge-offs now ranged from $4.9 billon on the bottom, and up to the mid $5 billions," said Peter Schnall, Capital One's chief risk officer, in the filing with the Securities and Exchange Commission.
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In his comments, Schnall said the company, which is the nation's largest independent credit card issuer, has updated its 2008 forecast since its third-quarter earnings call to reflect a worsening in its credit card debt and a prolonging of the housing market downturn.
"We didn't quantify the uncertainty associated with our elevated delinquencies and we didn't quantify the potential if the housing market were to continue to degrade," Schnall said in Tuesday's filing.