Mortgages were wrapped into bonds and sold across the globe Europe included. Any bank that has mortgages is linked to Europe. There r other factors as well, bbt is a large regional bank in a hard hit area for mortgages. Thus far only one large bank CEO has spoken out about the number of mortgages in trouble, BAC is that bank. Monyhan stated in March 2011 that BAC has 13.9 million mortgages and 6.4 million are in trouble. Does anybody really think that the "due diligence" that BAC demonstrated is different then the other banks that sold mortgages? Overall the alarm over bank stocks should be most directed at those banks that are claiming a profit, they are practicing accounting gimmicks. JMHO glta.
Just an opportunity to add to positions. The future looks bright for BBT and they seem to be doing the right things now. BBT will be the one of the first to hike dividend by at least 20% in the next quarter IMO.