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Citigroup and Merrill Lynch, two of Wall Street’s biggest names, are seeking emergency funding from foreign investors to offset losses stemming from exposure to sub-prime mortgage securities.
The Wall Street Journal reported that Merrill Lynch is expected to receive US$3-4 billion ($3.4-4.5 billion). According to The Australian, Citigroup is seeking as much as US$13 billion ($14.5 billion).
The search for capital by Citigroup and Merrill Lynch, the second in just weeks, indicates that the credit crisis may be having an even greater impact on Wall Street than expected.
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The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Do you expect mortgage applications to increase or decrease over Summer?
