Mortgage Market Upheaval Spurs $17 Billion in Paper Losses for Banks

Bloomberg, Nov. 17, 2022–Hannah Levitt
Higher interest rates helped Wells Fargo & Co. land more than $3 billion in profit in the third quarter. From a capital perspective, they also wiped out nearly three-quarters of that.
https://www.bloomberg.com/news/articles/2022-11-17/mortgage-market-upheaval-sparks-17-billion-in-paper-losses-for-us-banks?srnd=premium#xj4y7vzkg