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Mortgage bubble getting worse.(Inside Track)(Brief article)
An "emergency board meeting" on November 4 placed former Clinton administration Treasury Secretary Robert Rubin atop a massive and unstable bubble of epic proportions as Citigroup's new chairman. Ironically, it is a bubble that he helped to create. Huge banking conglomerate Citigroup announced the removal of former CEO Charles Prince and indicated that it will write off between $8 billion and $11 billion to reflect the declining value of subprime-mortgage-related securities.
Reflecting this same influence, housing giant Beazer Homes, Inc. recently accepted an SEC and creditor-negotiated "settlement" agreement, approaching Chapter 11 bankruptcy arrangements to keep the company from defaulting on $1.4 billion in debt. As Beazer, a multi-billion dollar housing company, enters free-fall, defaulting ...
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Source: HighBeam Research, Mortgage bubble getting worse.(Inside Track)(Brief article)