Here is the latest news from AP (as published in Yahoo):
Moody’s to Host Teleconference on Embattled Subprime Mortgage Lending Industry
NEW YORK (AP) — Credit rating agency Moody’s on Friday will host a teleconference on the subprime mortgage industry, a sector that has recently come under the microscope.Subprime lenders have faced recent stock volatility and increased scrutiny amid a slowdown in housing markets nationwide. The companies lend money to those with risky credit, and as the housing boom ends and interest rates rise, some of those people have had a difficult time making mortgage payments or refinancing their debt. On Thursday, subprime lender New Century Financial Corp. said it has stopped accepting all new loan applications as it struggles to obtain financing amid market speculation that the company could file for bankruptcy.
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