As the saga unfolds, its impact grows. Take a look at today's articles in the financial press where they discuss the number of money market mutual funds which had invested in securitizations containing sub-prime loans as a way of juicing up their meager yields. This may not rival the Asian Contagion of 1997 or Russia's default in 1998 for impact on the capital markets but we are clearly only seeing the tip of a very large iceberg.
While you are waiting for the next installment, point your browser to the Mortgage Lender Implode-O-Meter at: www.ml-implode.com.
