The latest news on the subprime meltdown is that the affects are spilling over into other non-subprime areas. For example, according to an AP article earlier today, M&T Bank Corp. (a NY regional bank) said it's having problems selling some loans. "M&T Bank said its Alt-A loans sold for lower prices than the bank anticipated because the auction drew fewer bidders than expected. The subprime mortgage market, which this year has been wracked by a spike in payment defaults and falling home prices, appears to be hurting the rest of the mortgage market, the bank said."
How far will the affects be felt?
Here's the full article: http://www.businessweek.com/ap/financialnews/D8O8JQI80.htm
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