Telegraph: US Mortgage Crisis Goes Into Meltdown

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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 …

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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

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