Thursday, January 10, 2008
Australian banks’ investment in the US mortgage provider was a questionable strategy. “They have plenty of exposure to mortgages. Why would you need to get more exposure to mortgages in another country?” he said.
THE four big Australian banks' $1 billion exposure to the ailing US mortgage provider Countrywide Financial weighed on bank stocks yesterday, as the US subprime crisis continued to rattle domestic investors.