In afternoon trading in London, shares of mortgage bank Northern Rock (NHRKF) are down another 30%. Over $4 billion has been withdrawn from the bank in the last two days.
Late last week, The Bank of England stepped in to help the mortgage company, but the assistance seems to have done little to calm investor fears.
The sell-off is likely to extend to mortgage banking shock in the US where shares in company's like Countrywide Financial (NYSE: CFC) have already lost almost two-thirds of value.
Douglas A. McIntyre is a partner at 24/7 Wall St.
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Reader Comments (Page 1 of 1)
9-17-2007 @ 7:33AM
J DEL said...
JUST yesterday. sunday..HUGO CHAVEZ the PRESIDENT OF VENEZUELA
(VENEZUELA HAS THE LARGEST VERIFIED OIL DEPOSITS IN THE PLANET)
HAS ORDER HIS MONEY MINISTERS TO DROP THE DOLLAR AS ITS FOREIGN MONEY
RESERVE TO BE REPLACE BY THE EUROPE'S *EURO* .....BECAUSE OF THE REAL ESTATE
CREDIT EMERGENCY.
How many countries you think will soon follow suit??