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Article: Subprime Credit Crunch Affects Companies Around the World.
- Article from:
- National Mortgage News
- Article date:
- August 6, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The credit crunch that hit the market recently due largely to U.S. subprime mortgage concerns clearly had reached a point last week where it was affecting a number of market participants worldwide, some of which had not even invested directly in the troubled asset class.
Macquarie Fortress Investments Ltd., for example, said last week that some of its notes trading in New Zealand had been adversely impacted by price volatility in the U.S. credit markets even though they had no direct exposure to U.S. subprime mortgages. Although the decline in the notes value was attributed entirely due to supply-demand flows in the market and there were no major concerns about ...