Tuesday, Jul 24, 2007
Largest US mortgage lender rocks credit markets as high-risk "subprime" problems spread to its "prime" loan book
The Times: Countrywide warns on profits and 'prime' loans
Looks like the contagion is escaping....
"Countrywide Financial sent shockwaves across the credit industry today when America’s largest mortgage lender declared that the well-publicised problems with its high-risk "subprime" homeloans had spread to its "prime" loan book and issued a profits warning for the year. "
Posted by jeremiah @ 08:52 PM (205 views) Add Comment
8 Comments
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1. Whiteknight said...
Shock. Horror. Newsflash.
Again, there is no sub-prime and prime debt. This was a label to make people think the problem was contained.
2. royston said...
Ooh, yeah! This problem looks contained, doesn't it?
3. paul said...
As Chris Morris but it to Peter Baynham in "The Day Today":
Chris Morris: "Can you sum it up in a soundbite?"
Brian O'Hanraohanranhan : "Not really Chris"
Chris Morris: "Can you sum it up in a word?"
Brian O'Hanraohanranhan : "No, Chris"
Chris Morris: "A sound then perhaps"
Brian O'Hanraohanranhan : " ...... Uooooaaaghhhh"
4. Currency Cat said...
patrick marber......... peter ohanrahanrahan.
These lenders will soon have to inhale helium to subtract credibility from their voice
5. Orwell said...
You didn't see the Paedogeddon Brass Eye, did you Paul....
Very controversial...
I wish I could get into one of these industries such as discrimination...I saw them coming in the mid 1990's but didn't move quickly enough. Talk about a sinecure for life...
6. dohousescrashinthewoods said...
Some might say we are cynics, but I think we saw this one coming.
Good point about the helium - who actually believes any of the message the Fed or VIs put out?
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