US lending standards "unbelievable".

From the UK:

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/20/bcnswiss20.xml

Top Swiss banker attacks US lending standards as 'unbelievable' By Ambrose Evans-Pritchard and Yvette Essen
Last Updated: 8:29am BST 20/08/2007

Switzerland's top banker has warned of massive losses from the unfolding credit crisis, describing the collapse in US lending standards as "unbelievable".

Jean-Pierre Roth, president of the Swiss National Bank, said market turmoil was far from over as tremors from the sub-prime debacle continued to rock the world.

"We're certainly not at the end of the story. There are question marks surrounding the development of the American economy," he said. "Something unbelievable happened. People who had neither income nor capital got credit with very attractive conditions. Now reality is striking back," he said.

French Bank Freezes Three Investment Funds

BNP Paribas Freezes Funds as Loan Losses Roil Markets (Update4)
By Sebastian Boyd

Aug. 9 (Bloomberg) -- BNP Paribas SA, France's biggest bank, halted withdrawals from three investment funds because it couldn't ``fairly'' value their holdings after U.S. subprime mortgage losses roiled credit markets.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNIJ.UO9Pzxw&refer=home

BNP freezes $2.2 bln of funds over subprime
Thu Aug 9, 2007 8:09AM EDT
By Sudip Kar-Gupta and Yann Le Guernigou


PARIS (Reuters) - France's biggest listed bank, BNP Paribas (BNPP.PA: Quote, Profile, Research), froze 1.6 billion euros ($2.2 billion) worth of funds on Thursday, citing the U.S. subprime mortgage sector woes that have rattled financial markets worldwide.

http://www.reuters.com/article/hotStocksNews/idUSWEB612920070809