By Al Yoon 1 hour, 35 minutes ago NEW YORK (Reuters) - UBS AG (UBSN.VX) is halting its widely read weekly mortgage strategy report after more than 15 years of publication as the bank broadly scales down in the home loan business, including the closure of its asset-backed securities group, sources said.UBS Securities plans to shut down sales and trading in ABS -- which include risky mortgage securities -- in New York and London over the next month or so, the sources said.
The moves follow UBS's announcement last week that it would eliminate another 2,000 jobs at its investment bank, including cuts in its real estate and securitization businesses. A push by the Swiss bank into mortgage assets such as subprime loans has resulted in write-downs of $42 billion, the most of any bank in Europe.
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