Financial Accounting Standards Board (FASB) chairman Robert Herz reminded everyone that it put out a ‘reminder’ in December 2005 warning about the risks of subprime mortgage backed assets.  Okay, you really have to wonder if anyone actually took this seriously or read the memo.  Clearly FASB did not see the true extent of the problem [...]

The International Monetary Fund is reporting today that the credit crisis may cost an aggregate of $1 trillion to the United States.  The credit crisis emerged in the second half of 2007 due to a variety of consequences.  The credit crisis stemmed, primarily, from the housing market and problems surrounding subprime mortgages.  The total losses [...]

I was exploring some blogs looking for some more hints at the problems with subprime and came across a blog noting 9.1% default rates in New Zealand.  This is a startling rate and will certainly send shockwaves into Oceania.