Subprime freefall a “calamity” for credit markets, FrontPoint says

Fri Jul 20, 2007



FrontPoint Partners said in a Thursday conference call with investors that the subprime mortgage market’s freefall is a “sheer calamity” unfolding on the broader credit markets.

Until now, many investors have viewed current subprime credit problems as contained, FrontPoint executives said. But with an estimated $650 billion in subprime mortgages set to readjust to higher interest rates,...

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