Financial services companies globally have had more than $195 billion in asset writedowns and credit losses this year stemming from the collapse of the U.S. subprime mortgage market. Merrill Lynch’s $24.5 billion of subprime-mortgage-related writedowns and losses are the highest of any bank or securities house, according to data compiled by Bloomberg. Losses may rise should default protection that the third-largest U.S. securities firm bought from companies such as XL, a unit of Security Capital Assurance Ltd., fail to pay off.
Did HSBC and others encourage subprime loans because they wanted to take a loss? Because they were heavily insured against such losses? Evidence suggests the secondary market, and resulting profits, were the main goals. The totality of losses to date suggest much more than $195 billion in loans to poor people and “trailer park” financing. A failure to regulate – which falls directly on the Office of the Comptroller of the Currency (OCC) – is still overlooked.
Losses and foreclosures will continue through 2010. Cities and states suffer, not the federal government. Cities turn to the bond market for funding, while the Fed continues to print money at will. Meanwhile your street and mine have empty houses and a smaller tax base. I suggest a study by congress that determines how many mortgage brokers are now in foreclosure, credit counseling, divorce court or rehab.
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