Wednesday, Jul 25, 2007
US subprime mortgage collapse is spreading to wider markets
MoneyWeek: The subprime crisis hits the mainstream
The latest market slump has come about because one of the big US lenders finally confirmed we’re no longer looking at just a subprime crisis. We‘re looking at a crisis, full-stop…
Posted by damien @ 11:00 AM (197 views) Add Comment
1 Comment
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1. lvmreader said...
There is no such thing as subprime. It's ALL subprime.
A trader who earns GBP200,000 per year (on a good year) defaulting on her/his £1.2m mortgage has nothing to do with Britney Trailer trash not pulling enough tricks to keep up with the mortgage - except that greed got them both there.
We need to extend subprime to mean any leveraged loan over 4 times average PROVABLE earnings for the last 5 years.