US Credit Crisis is Hitting the Wealthy
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Wasn't the "financial crisis" supposed to be contained within the subprime market?
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US credit crisis is hitting the wealthy
The US financial crisis is spreading from subprime borrowers to wealthier consumers, with evidence mounting that more affluent people are failing to pay their mortgages and credit card balances.
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Growing concerns over the financial health of richer borrowers are prompting banks and card issuers to tighten lending practices in moves that could futher dampen consumer confidence and spending more......
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....Senior bankers say that after the subprime debacle, the worsening outlook of "prime" portfolios shows the crisis is far from over and could inflict substantial losses on financial institutions....
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.....Jamie Dimon, JPMorgan's chairman and chief executive, recently told Wall Street analysts that the outlook for prime mortgages was "terrible" and the rate of delinquencies could double or treble from current levels of about 4 per cent......
.
Wasn't the "financial crisis" supposed to be contained within the subprime market?
.
US credit crisis is hitting the wealthy
The US financial crisis is spreading from subprime borrowers to wealthier consumers, with evidence mounting that more affluent people are failing to pay their mortgages and credit card balances.
..
Growing concerns over the financial health of richer borrowers are prompting banks and card issuers to tighten lending practices in moves that could futher dampen consumer confidence and spending more......
.
....Senior bankers say that after the subprime debacle, the worsening outlook of "prime" portfolios shows the crisis is far from over and could inflict substantial losses on financial institutions....
.
.....Jamie Dimon, JPMorgan's chairman and chief executive, recently told Wall Street analysts that the outlook for prime mortgages was "terrible" and the rate of delinquencies could double or treble from current levels of about 4 per cent......
.
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