United Bank of Switzerland has reported a $623 million loss in the third quarter, citing the liquidity crisis and what it calls the "deterioration" in the subprime market.UBS said its fixed-income division -- which includes mortgage trading -- had negative revenues of $3.6 billion. "The deterioration in the U.S. subprime market, especially in August, was so severe and sudden that markets turned illiquid," it said in a statement. According to the Mortgage Industry Directory, UBS has been a major warehouse provider to nondepository subprime firms.
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