Mortgage news

News, trends and analysis of the mortgage and credit market

Sunday, November 11, 2007

Subprime woes weigh

November 11 2007
The subprime crisis wreaking havoc among global banks and brokerages could turn a harsh spotlight on two U.K. banking giants this week, while a group of major U.S. banks will propose a fund aimed at adding stability to the credit markets, according to reports Sunday. In the U.K., HSBC Holdings Plc and Barclays Plc, like other financial institutions, have been grappling with their exposure to shaky mortgage loans. Already, companies including Merrill Lynch & Co. Inc. and Morgan Stanley have written-down the value of billions of dollars worth of dodgy borrowing, and the crunch is likely to test the balance sheets and capital strength of other creditors before conditions improve, analysts say.

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