Aug 10, 2007 - Ladera Ranch, CA, USA - Global markets staggered after a big French bank triggered a worldwide financial scare by halting withdrawals from three investment funds that have lost money on high-risk U.S. mortgage securities. The central banks of major economies, including the United Stat
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3504 x 2336 px | 29.7 x 19.8 cm | 11.7 x 7.8 inches | 300dpiDate taken:
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Aug 10, 2007 - Ladera Ranch, CA, USA - Global markets staggered after a big French bank triggered a worldwide financial scare by halting withdrawals from three investment funds that have lost money on high-risk U.S. mortgage securities. The central banks of major economies, including the United States, responded by pumping tens of billions of dollars into their banking systems in an effort to shore up investors' confidence. Driving the scare is the turmoil in the U.S. mortgage market. Yesterday, two of the largest U.S. providers of home loans, Countrywide Financial Corp. and Washington Mutual Inc., warned that their financial conditions are likely to be hurt in the near term. The sub-prime mortgage sector crisis is threatening operations of several large lenders. At the end of March, nearly one in five subprime home loans were either past due or in foreclosure. PICTURED: Bank repossession 'repo' homes for sale in California. (Credit Image: © Ruaridh Stewart/ZUMA Press)