Wednesday, July 25, 2007
Countrywide slashes subprime lending – now accounts for just 4% of new loans
John Stepek - Moneyweek. We weren't planning to return to the credit crunch so soon. But when the Dow Jones falls 226 points in a single session, and the FTSE 100 sheds 125 points on the same day, you can't let it pass without comment. We've been talking about the subprime crisis, and how the ill effects wouldn't be confined to the poor and desperate (as many had hoped), for a while now. And the latest slump in the markets has come about because one of the big US lenders has finally confirmed we're no longer looking at just a subprime crisis.