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4TH QUARTER 2007
Quarter Ended 12/31/2007
The Tale of the Credit Crunch
The "sub-prime crisis" started with delinquencies and
defaults by residential homeowner in the U.S. but quickly spread to a
variety of financial instruments held in all corners of the globe.
3RD QUARTER 2007
Quarter Ended 9/30/2007
Risk Matters Again
Yield spreads on the Lehman Brothers A-rated Financial
Institutions Index widened significantly consistent only with the
recession of 1991. |
2ND QUARTER 2007
Quarter Ended 6/30/2007
Subprime Mortgage Meltdown
Default rates on subprime mortgages have exploded to
12% or more and delinquency rates have reached as high as 20% in some
metropolitan areas.
1ST QUARTER 2007
Quarter Ended 3/31/2007
Some Thoughts On International Fixed
Income
Excluding the currency effect, domestic fixed income
outperformed international bonds.
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