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Telegraph: US Mortgage Crisis Goes Into Meltdown
SCOOP LINK: US Mortgage Crisis Goes Into
Meltdown
By Ambrose Evans-Pritchard
The Telegraph UK
Saturday 24 February
2007
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http://www.truthout.org/docs_2006/022807H.shtml
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/02/24/cnusecon24.xml
Panic has begun to sweep the sub-prime mortgage sector in the United States after the bankruptcy of 22 lenders over the past two months, setting off mass liquidation of housing loans packaged as securities. Analysts say the housing bust is pulling America into recession, citing a 14.4pc drop in housing starts.
The rapid deterioration could not come at a worse time for British bank HSBC, which has set aside $10.5bn (£5.4bn) to cover bad loans in the US.
… snip …
See
Full Story…
http://www.truthout.org/docs_2006/022807H.shtml
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/02/24/cnusecon24.xml
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