The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: regli who wrote (84976)	8/14/2007 1:43:04 AM
From: critical_mass	Read Replies (3) of 110194

This post which quotes an NYT article puts the subprime crisis in perspective. Message 23786330 snip "The total mortgage market in the United States is roughly $10.4 trillion. Of that, a little over 13 percent, or about $1.35 trillion, is subprime — certainly a large sum. Of this, nearly 14 percent is delinquent, meaning late in payment or in foreclosure. Of this amount, about 5 percent is actually in foreclosure, or about $67 billion. Of this amount, according to my friends in real estate, at least about half will be recovered in foreclosure. So now we are down to losses of about $33 billion to $34 billion." Maybe it is more than just the US subprime that is causing problems. Derivatives perhaps? Would you trust the competency of any banker that bought billions in US mortgages, but was not aware of the loose credit conditions?

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