Saturday, August 11, 2007

Now subprime is on the house street – a US Bank warns it may not have enough cash

Washington Mutual warns on subprime pressures

US bank Washington Mutual warned that the subprime mortgage sector crisis is threatening its operations, in a document filed late Thursday with the SEC. Due to the conditions roiling the subprime sector, "the company's liquidity may be affected by an inability to access the capital markets or by unforeseen demands on cash. "This situation may arise due to circumstances beyond the company's control, such as a general market disruption," the bank said.

Posted by lvmreader @ 03:58 AM (433 views)
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8 thoughts on “Now subprime is on the house street – a US Bank warns it may not have enough cash

  • A couple of months ago, I was derided for mentioning that we are close to a cash-call crisis which may cause banks to stop payments out to customers in the case of a huge monetary problem.

    Look again. Coming to a UK Bank near you very soon.

    Expect more ATM “failures”

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  • Cheekie Charlie says:

    The problem is the US subprime debacle is just a taster! When a large swathe of the so called prime market in the UK and elsewhere start defaulting due to rising IR or inflation or both then if the banks can’t handle a bit of subprime then how are they going to handle a bigger crises? The consequences for us all, as mentioned on “BBC news”, don’t bear thinking about!

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  • I hope you reminded your critics with a big ‘told you so’. Yes i agree i am waiting for it to hit UK big time, while all these sickeningly controlled TV experts choose their words of denial to brain wash us all.

    feefifofum

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  • I think this is probably why David Smith has been briefed to state that there isn’t a problem…

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  • Looks like Countrywide as well…

    http://www.marketwatch.com/news/story/countrywide-reels-analysts-arent-ready/story.aspx?guid=%7B9319877C%2D545F%2D4151%2D9373%2D9A204F2A3D42%7D&dist=morenews

    ‘[Countrywide’s] got a strong balance sheet, and market turmoil will diminish in coming weeks and months.’

    Famous last words, and they have just bought Homebanc’s mortgage book as well…

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  • lvm, you were never derided – not by anyone here. I gently ridiculed you because you posted about how Iran and the US were on the brink of war!

    I said that you should lay off the cough medicine, which you took in good humour.

    I guess the fact that your opinions are now being vindicated should be reward enough.

    I notice that Noshbag David Smith has NOTHING to say on his economicsuck blog today, because if he does he’ll have to admit that his worst critics were right.

    What a peabrain.

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  • ATM and Debit Card processing system “failures” may be a taste of what is to come. This has happened in Argentina in 2002 and it is happening here now.
    http://www.housepricecrash.co.uk/newsblog/2007/06/blog-from-march-th-are-we-seeing-the-first-creaks-4409.php

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