Big Wall Street firms aren’t the only ones getting hammered by the widening credit crisis. McLean-based Capital One Financial Corp. took a hit yesterday, as the fallout from sub prime mortgages continues to spread.

The company’s stock sunk to a new 52-week low — $38.35 — following reports that full-year earnings for the credit card giant will not meet projections. Capital One expects earnings of $3.97 per share for 2007, rather than $5. The problem, it said, was higher loan losses and costs for legal reserves.

Expect to hear a lot more of the D-word, as in delinquent. In its company statement, Capital One said it plans to set aside $1.9 billion for bad loans in the fourth quarter, including $1.3 billion in uncollectible loan losses. In 2008, it expects charge-offs of $5.9 billion.

The company’s stock opened this morning at $40.42. By mid-day, it stood at $42.86, slightly below yesterday’s close of $42.92 which represented a drop of 43 cents from the previous day. The company’s 52-week high is $83.84, a figure that hasn’t been seen in months. 

Capital One also noted “continued deterioration” in about $700 million worth of home equity lines of credit originated by Greenpoint Mortgage. Capital One acquired Greenpoint in 2006 as part of a deal to buy New-York based North Fork Bancorp Inc. and closed the mortgage unit in August.

If numbers tell the tale, there’s no question more consumers are struggling to pay bills. One can help but worry: where’s all this going to end?