...as mounting losses on risky forms of debt catch up with the banks and force them to curb lending and call in existing loans, according to a report by Lombard Street Research.
...The group said the fast-moving crisis at two Bear Stearns hedge funds had exposed the underlying rot in the US sub-prime mortgage market, and the vast nexus of collateralised debt obligations known as CDOs.
“With defaults at their highest in the 37 years that records have been kept, it could be a long hot summer”...
From The Telegraph
Must see! The Mortgage Lender Implode-O-Meter "Since 2006 86 major U.S. lenders have 'imploded'."