The sudden tightening of credit on high-risk sub-prime mortgages has led to a property price crash in the US, with devastating effects on the whole economy.
The unprecedented decline in US house prices may also lead to further pain for financial institutions, who collectively own more than $1 trillion worth of sub-prime debt.
http://news.bbc.co.uk/1/hi/business/7078492.stm
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Sunday, 18 November 2007
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