Published: March 23 2007 12:44 | Last updated: March 23 2007 13:57
Freddie Mac, the US mortgage finance provider, warned that the turmoil in the subprime mortgage market was bound to spill over into consumer debt, as it revealed a loss in its fourth quarter.
Richard Syron, chairman and chief executive of the giant government-chartered group, said that following the massive expansion in the availability of credit for mortgage and borrowing-hungry consumers in recent years, the meltdown of the market for mortgages to people with patchy credit history could spread.
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