If anyone has any doubt…and they shouldn’t…that the subprime mortgage debacle (sort of running out of ways to describe this…any suggestions?) is having an enormous impact on not only the world of real estate, but the world in general, they need to consider this sobering fact:
Citigroup
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Joshua Dorkin
Charles Feldman
Ted Karsch.
Weak Retail Sales As Mortgage Crisis Puts Freeze On Consumers
by Charles Feldman | January 16, 2008It is amazing how what started out as a subprime mortgage crisis has morphed into such an enormous economic mess around the world.
On Tuesday alone, the three major U.S. stock indexes went south by more than 2 percent.
Citicorp, the nation’s largest bank, had to write down $18.1 Billion for loses—loses stemming from the subprime crisis.
Tighter [...]