The Sub-prime Mortgage Crisis Explained

The arrival of the inevitable Irish housing market slump/slowdown has coincided with a massive global credit crunch caused by a “sub-prime mortgage crisis” in the US. There’s been lots written in the Irish press about the credit crunch and the effects on the domestic housing market but understanding why the crisis developed in the first place is best explained by this eye-opening BBC article. One amazing nugget in this article relates to the collapse of the housing market Cleveland. The graphs are amazing but the mere fact that “Deutsche Bank Trust, acting on behalf of bondholders, was the largest property owner in the city.” is amazing.

I wonder will the guys at DaftWatch or The Property Pin start doing heat maps of repossessions in Ireland.

Tuesday, December 18th, 2007 housing, irish, sub-prime

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@paulca if the service and your id provider both support the OpenID Simple Registration Extension then it should work - http://url.ie/r4y 3 days ago
@paulca I've been to the recent meetups, good couchdb talk btw, will be at the next one too. Not yet taken getexceptional for a real spin... 3 days ago
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Great NYT piece on how the US financial crisis evolved in the past two weeks - http://www.nytimes.com/2008/10/02/business/02crisis.html 4 days ago
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