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US Banker, March, 2008
“In 2007, sales of new homes fell by 26 percent, the steepest drop since record-keeping began in 1963.”
The U.S. Commerce Department in a late January comment on the problems in the housing sector.
“We believe that total losses for financial institutions will eventually reach more than $265 billion.”
Standard & Poor’s Rating Services, in a report on the impact of residential mortgage-backed securities and subprime-related collateralized debt obligations on the financial sector.
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