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The Subprime Slime Is..... |
| Published: July 11, 2007, 6:19 am |
| Tags: mortgages |
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"Coming Down the mountain!"Janes AddictionUS mortgage problem fears spark sell-offBy Michael Mackenzie and Saskia Scholtes in New YorkPublished: July 10 2007 20:55 Last updated: July 10 2007 23:48Fears of further problems in the US mortgage industry and the broader economy flared on Tuesday, triggering a sell-off in credit markets as investors sought safe havens.Markets were rattled when Standard & Poor's, the ratings agency, threatened to downgrade the credit ratings on some $12bn of bonds backed by US subprime home loans. This raised concerns of a broader repricing of risk in credit markets, leading to heavy losses for some investors, particularly in derivative markets.Rival rating group Moody's caused further disquiet after the markets closed when it said it had cut or was reviewing ratings for $5.7bn of mortgage-backed bonds. It downgraded 451 bonds and put another 82 on review.The dollar tumbled to a record low against the euro, hitting $1.37, and also fell against the yen [ Full article ] |
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