Foreclosures Hit All-Time High

Foreclosures hit all-time high
Over 900,000 borrowers are losing their homes, up 71% from a year ago, and a record number of home owners are behind on payments.

By Les Christie, CNNMoney.com staff writer
Last Updated: March 6, 2008: 2:25 PM EST

NEW YORK (CNNMoney.com) — More home owners than ever are losing the battle to make their [...]

Treasuries Rise on Speculation Credit-Market Losses to Deepen

March 6 (Bloomberg) — Treasuries rose and three-month bill rates fell to the lowest level since 2004 on concern that the Federal Reserve may be unable to prevent credit-market losses from deepening.
Investors sought the safety of government debt as Citigroup Inc. planned to pare its U.S. residential unit’s mortgage and home-equity holdings by about $45 [...]

Mortgage Debt Writedowns Exceed $25B This Year

Investment Banks Facing New Writedowns

Analysts Suggest New Investment Bank Writedowns of More Than $10 Billion Are Coming Soon

NEW YORK (AP) — Wall Street turned on itself Friday, as one widely watched analyst said investment banks face $10 billion or more in writedowns this quarter from bad mortgage debt, and another downgraded much of the banking [...]

The Credit Crisis Could Be Just Beginning

It’s just the beginning!

Satyajit Das is laughing. It appears I have said something very funny, but I have no idea what it was. My only clue is that the laugh sounds somewhat pitying.
One of the world’s leading experts on credit derivatives (financial instruments that transfer credit risk from one party to another), Das is the [...]

Cheap Credit Caused the Crunch

Consumers and Investors can measure the current economic problems by counting the number of times they hear the term “credit crunch.”
We are being told that it is very difficult to get a big mortgage, that deals are falling through, that innocent home buyers are in a sorry state.  A big bank has raised its rate [...]