Wednesday, February 07, 2007
HSBC announced that it is setting aside an additional 1.76 billion in loan loss provisions.
I haven't included links in this because you should follow this and other housing stories on Calculated Risk. It's a superb economic blog with posts from very knowledgeable people in different industries, and it has a mix of perspectives and fact-filled posts and commentary that cannot be beaten.
I cannot overstress the importance of what is happening. The entire housing industry and related financing is now acting like supercooled water.
Labels: subprime goes splat