The United States of Subprime

Data Show Bad LoansPermeate the Nation;Pain Could Last Years

By RICK BROOKS and CONSTANCE MITCHELL FORD
October 11, 2007; As America's mortgage markets began unraveling this year, economists seeking explanations pointed to "subprime" mortgages issued to low-income, minority and urban borrowers. But an analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs.

http://online.wsj.com/article/SB119205925519455321.html?mod=hpp_us_whats_news

International Representatives Demand to Oversee U.S. Markets

September 3, 2007
From theTrumpet.com

The unfolding “made in America” worldwide subprime mortgage crisis has foreign bankers demanding international regulation of American markets, banks and rating agencies. By Robert Morley

In his foreign-policy speech on August 27, French President Nicolas Sarkozy called for an enhanced global rule book to avoid financial crises. Sarkozy, who has vowed to “moralize financial capitalism,” said such crises could reoccur if “the leaders of major countries” did not take “concerted
action to foster transparency and regulation of international markets.”
International bankers and investors from China to France and Germany have lost billions of dollars because U.S. investments, sold as safe, turned out to be far riskier and worth much less than what American investment-rating agencies and banks led them to believe. They don’t want to be deceived again.

http://www.thetrumpet.com/index.php?q=4208.2381.0.0