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Paulson Plans to Bail Out Mortgage Lenders. Will this Help the U.S. dollar?
Wednesday, December 5, 2007
Henry Paulson, the United States Treasury Secretary, is expected to unveil a plan to address the crisis in the U.S. credit markets which was triggered by the collapse of the U.S. subprime market. Nearly $US362 billion worth of sub-prime loans are due to be reset in the U.S. in 2008 and Paulson's main concern is that millions of homeowners will be forced into delinquency. Looking at the U.S. money markets one can easily see that Paulson has many reasons for such anxiety. This week, the spread between junk-rated corporate bonds and U.S. Treasuries surged more 4 bps to trade close to 5.2 percent. Furthermore, the Dow Jones CDX North American Investment Grade index, the main North American Credit Default Swaps index, traded at 80 from 78 in the previous week.


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