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Subprime Bankruptcy, Liquidation & Losses

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11-26-2007, 04:17 PM

Veronica Corningstone Veronica Corningstone is offline

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Subprime Bankruptcy, Liquidation & Losses

Fieldstone Mortgage Co. filed for Chapter 11 bankruptcy protection on Friday, according to documents filed in the U.S. Bankruptcy Court District of Maryland. NetBank Inc., the former parent of subprime lender Meritage Mortgage, said in an SEC filing today it will liquidate in bankruptcy. Freddie Mac could see losses of between $1 billion to $5 billion on its $120 billion subprime AAA portfolio "if the recent credit spread widening does not reverse over the coming quarters," according to a report by Credit Suisse research analysts.

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