Tuesday, Feb 27, 2007
It's unravelling: The rats are heading for the Exits. US mortgage crisis goes into meltdown
Telegraph.co.uk: US mortgage crisis goes into meltdown
Panic has begun to sweep the sub-prime mortgage sector in the United States after the bankruptcy of 22 lenders over the past two months, setting off mass liquidation of housing loans packaged as securities.
Analysts say the housing bust is pulling America into recession, citing a 14.4pc drop in housing starts
The rapid deterioration could not come at a worse time for British bank HSBC, which has set aside $10.5bn (£5.4bn) to cover bad loans in the US.
Posted by eric pebble @ 06:38 PM (31 views) Add Comment
2 Comments
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1. tyrellcorporation said...
Woooah, please let this get into the mainstream stig press!!!
2. Orwell said...
I did think that this lending to bad creditors was too goo to be true , but I imagine it will be the normal persons that suffer not the BTL's or the institutions