Defaults of subprime-related credit vehicles mount

04/24/2008 | Financial Times (free content)

Defaults of credit vehicles based on subprime mortgages have risen from $54 billion at the beginning of this year to a current total of $170 billion, according to Total Securitization. The mounting defaults in the U.S. housing market have hindered the collateralized debt obligation market. Ambac recently reported more than $3 billion of mortgage-related charges.

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