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The start of the financial meltdown - GM to pay about $1 billion to make up for subprime-lending losses
Peter Oberois
Mar. 15, 2007
The sub prime and other mortgage lending losses are stacking up from all sides like the Himalayas. The proportion of the bubble was unbelievable. Even the world’s largest car maker today announced that agreed to pay about $1 billion to make up for subprime-lending losses at its former GMAC unit.
The net effect on the overall economy is huge. The stock markets have started understanding the magnitude of the Richter scale in the mortgage earthquake.
The markets are receding fast from all time highs, as the mortgage defaults skyrocket and real estate crash become a reality.
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