U.S. Stocks Tumble on Credit Concerns; Banks, Brokers Retreat

"The fear is feeding on itself,'' said Jeffrey Kleintop, who helps oversee more than $173 billion as chief market strategist at LPL Financial Services in Boston. "It's what you don't know that seems to be taking over the market.''

//www.bloomberg.com/apps/news?pid=20601103&sid=ajeVDJ5jB97w



Dow Plunges 387 on Subprime Concerns

Wall Street plunged again Thursday after a French bank said it was freezing three funds that invested in U.S. subprime mortgages because it was unable to properly value their assets. The Dow Jones industrials extended its series of triple-digit swings, this time falling more than 380 points.

//www.huffingtonpost.com/huff-wires/20070809/wall-street/


From Information Clearing House

--------

Bank freezes funds, markets plummet on sub-prime fears

USA Today

08/10/07

For investors, the only thing worse than bad news is uncertainty, and thanks to a French bank’s decision to freeze $2.2 billion in funds Thursday, uncertainty rocked the markets and sent the Dow Jones industrials tumbling 387 points to 13,271. BNP Paribas said in a statement that it barred the doors on three funds that were invested in subprime mortgages because the bank didn’t feel it could calculate a fair value for those assets. Two financial services firms in Germany have also halted redemptions from funds connected to the U.S. subprime market. Those moves come on the heels of the collapse of two Bear Stearns hedge funds that were heavily invested in subprime mortgages...

//www.usatoday.com/money/markets/2007-08-09-subprime-fear_N.htm


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=mortgages

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