Foreclosure Crisis Slams Into Banks
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Foreclosure Crisis Slams Into Banks
By Mark Gongloff
The mortgage-foreclosure crisis spilled into the financial markets on Thursday, driving down bank stocks and weighing on mortgage bonds as investors took a grim view of the potential costs.
Getty Images A bank owned sign hangs in front of a foreclosed home in Miami, Florida. Bank repossessions rose to their highest level in September, exceeding 100,000 in a month for the first time.
Shares of U.S. banks fell, while the broader stock market was essentially flat. Bank of America Corp., potentially among the most affected, dropped more than 5%. Bank bonds also fell, and the cost of buying protection against a possible debt default by banks climbed.
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Catherine Austin Fitts’ Blog Commentaries
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(14 Oct 10)
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