The vulnerable banking market

The bail-out by the US government of Fannie Mae and Freddie Mac has stopped a systemic meltdown of the banking system both in the US and worldwide. But the banking crisis is far from over.

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Irish banks are bobbing in debt-infested waters

AIB's exposure to residential property developers is around €15bn, Anglo's €7bn and Bank of Ireland's €9bn. For AIB and BOI, those loans are dwarfed by their mortgage business, but even
within the normally safe mortgage market, there is a new layer of loans that is untested in a recession. A proportion of those mortgage loans are for the "buy-to-let" market --
mortgages raised by investors who buy properties and then rent them
out, hoping that the rental income offsets the mortgage costs.

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US house prices are falling at an annual rate of more than 15%

According to one widely-reported index, US house prices are falling at
an annual rate of more than 15% in major metropolitan areas, putting
many people in negative equity.

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European money market faces similar problems as the U.S

Bank Lending Survey of the Euro Area
underscores the current stress situation for banks and points to a
tighter credit environment for consumers and corporations alike.

Dr. Doom - Two years ago, Nouriel Roubini predicted the current economic crisis. Now he sees things becoming far worse.

Published: August 15, 2008, New York Times Sunday Magazine

On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before an audience of economists at the International Monetary Fund
and announced that a crisis was brewing. In the coming months and
years, he warned, the United States was likely to face a
once-in-a-lifetime housing bust, an oil shock, sharply declining
consumer confidence and, ultimately, a deep recession. He laid out a
bleak sequence of events: homeowners defaulting on mortgages, trillions
of dollars of mortgage-backed securities unraveling worldwide and the
global financial system shuddering to a halt. These developments, he
went on, could cripple or destroy hedge funds, investment banks and
other major financial institutions like Fannie Mae and Freddie Mac.

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