Collateralized subprime loans. Sounds familiar. Exposure analyzed by WSJ to be nearly $345 billion.
Subprime auto lenders filing for bankruptcy at highest rate in over 20 years.
“Summit Financial Corp, when it filed for bankruptcy on March 23, disclosed that it owed Bank of America $77 million. This loan was secured by the auto loans Summit had extended to subprime customers, who’re now defaulting in large numbers.”
The Federal Reserve continues to unwind its assets. $74 billion, counting mortgage backed securities.
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Russia Threatens To Shoot Down U.S. Missiles, Target Launch Sites In Any Syria Strike
In a television interview, Russia’s ambassador to Lebanon, Alexander Zasypkin, warned that U.S. missiles would be shot down as well as “their sources.”