The credit market crisis is unprecedented

November 30th, 2007|by Michael Ashley Schulman, Perspectives, The Big Picture|

The credit market crisis is unprecedented in recent history and is deeply rooted in the bursting of the speculative U.S. housing market bubble and the ensuing supply glut. The housing crisis and its effects may go from bad to worse before getting better. Nationwide, 635,000 foreclosure filings — default notices, auction sale notices and bank […]