Subprime contagion spreads
Bob Morris @ May 13th 2007 00:15 - Category: Credit crisis
Lending Tree just laid off 20% of its workers with a company spokesperson saying the subprime correction has now spread to all categories of loans.
Wasn’t it just a few weeks ago the talking heads were saying the contagion wouldn’t spread?
This doesn’t just effect home sellers. Car sales are off, at least in part beause the HELOC money machine has stopped churning and people can not longer buy a new car by taking out more equity in their home, assuming prices will keep rising.
Contractors have less work, so does everyone in real estate. That’s not counting the thousands who have already lost their jobs. More pain is coming too.
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DJ on 13 May 2007 at 9:59 am #
Kind of makes one wonder whose money ended the recession… or did it actually end?