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Global Crisis | Bank REO Real Estate
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U.S. Stock Futures Decline After Global Credit Crunch Deepens

October 5, 2008 by · Leave a Comment
Filed under: Global News 

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No surprise that this is now a global crisis, not a U.S. based credit crisis.  Looks like Germany and the national banks has put together a bailout package that equals to almost 10% of our own bank bailout package at $68 billion dollars.  This is for the commercial property lender Hypo, which reported a 95 percent plunge in second-quarter profit because of debt-related writedowns.  I am adding a Global News section to continue my coverage into the global markets.

News:

U.S. stock-index futures dropped as Hypo Real Estate Holding AG required a rescue by the German government, deepening concern that credit-market losses will worsen a global economic slowdown.

Germany and the nation’s banks and insurers agreed on a 50 billion euro ($68 billion) package for commercial property lender Hypo, which reported a 95 percent plunge in second-quarter profit because of debt-related writedowns. BNP Paribas SA, France’s biggest lender, will pay 8.25 billion euros to purchase Fortis’s Belgium bank after a government bailout failed.

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