“Washington Mutual, the largest US savings and loan company, said on Monday it was increasing its reserves for loan losses to as much as $2.2bn because of a “near-perfect storm” in the mortgage markets.”So much for a super-cycle.
Tuesday, September 11, 2007
Category 5 Stink Bomb of Bad Mortgages
Dear Readers,
I thought you might enjoy this cheery news, as reported in the Financial Times:
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