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September 2007

Debt markets: The American dream turns into a nightmare

After every great party comes a reckoning. Because they overindulged sub-prime borrowers with unprecedented excess credit, US financial markets are facing a long and severe hangover. The American dream of homeownership for all has turned sour, while cleaning up the mess will be painful. Amid the finger-pointing, dislocation and illiquidity, though, fortunes will be made. Alex Chambers reports.




Online extra on challenges facing the servicing industry: Tough times for servicers                                                                                                               More on sub-prime JEFFREY KIRSCH, CEO of American Residential Equities (ARE), is an extremely busy man. Not that he has ever been a slacker; it is just that his line of work is booming – his company liquidates underperforming mortgage loans. In the past 10 years, Kirsch has bought and liquidated something like $1 billion of loans. However, now he envisages liquidating a much larger amount over a much shorter time horizon. ...


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I would rather invest in a five-times levered company with no refinancing requirement than a two-times levered company that needs to refinance

A commentator emphasizes just how concerned investors are about the wall of corporate refinancing that has to be tackled over the next few years

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