Category Credit crisis

United Capital Markets has halted redemptions from four of its subprime mortgage funds. They say the halts are temporary and they do not plan to liquidate. Uh huh. I’m sure they don’t “plan” to liquidate, but like the old DC…

Wall Street investment banks encouraged lending to those with little ability to pay, then created hedge funds (also using borrowed money) that bought and sold bizarre and risky packages of those very same mortgages. Thus, the subprime mess is very…

The Mortgage Lender Implode-o-Meter now stands at 91. That’s 91 major US lender and mortgage companies that have gone bankrupt, closed their doors, or otherwise gone belly-up since Dec. 2006. More than a few have managed to get themselves indicted…

More hedge funds are expected to blow up in the coming months too. They’ve already lost billions. Well, that’s what they get for being greedheads. They should have remembered their own Wall Street adage, “bulls make money, bears make money,…

They could lose $6 billion. Gosh, weren’t the investment banks (who spawned the subprime mess in the first place) saying just a few months ago that everything was fine, that the subprime thing was just a tempest in a teapot?…