Credit Suisse Group's saw 2.3 billion Swiss francs ($2 billion) in U.S. residential and commercial mortgage-related writedowns during the fourth quarter, a period when it took a net loss of 6 billion Swiss francs ($5 billion). The Zurich, Switzerland-based group said 1.3 billion Swiss francs ($1.1 billion) of the writedowns stemmed primarily from exposures to residential mortgages and subprime collateralized debt obligations and the remaining balance stemmed from warehouse exposures in the securitized commercial mortgage sector. The company said it is making progress reducing its exposure to these problematic asset classes.
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