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Posts Tagged ‘ Mortgage Backed Bonds ’

After Subprime, US Faces Crisis in Construction

Jun 5th, 2008 | By Contrarian Profits | Category: Featured, Financial News

They’ve already taken a hit on subprime, now major US banks, including troubled Wachovia, could be facing a similar crunch in the construction-lending market.

Part of Wachovia’s problem — apart from its residential-mortgage woes — is the $23.9 billion in outstanding debt it holds in relation to commercial-property projects at the end of the first quarter, according to The Wall Street Journal.

“Teaser rates of just 1% interest, left almost one-in-ten subprime borrowers unable to meet their monthly mortgage bills,” says Adrian Ash in The Daily Reckoning UK.

Tags: , Bank Of America, Construction Industry, credit crisis, Credit Crunch, Daily Reckoning, housing crisis, inflation, Mortgage Backed Bonds
Posted in Featured, Financial News | Comments2008-06-05+11%3A15%3A47Contrarian+Profits

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