Daily Real Estate News April 9, 2008
Final Innings of Credit Crisis?
Morgan Stanley CEO John Mack says he believes the global credit crisis is probably “in the final innings.”"We're keeping powder dry," he says. "We feel the risks on the market, the run on Bear Stearns, and we think it is important to have very liquid positions and we're working toward that."Mack says Morgan Stanley is seeing opportunities in the same mortgage market that caused Wall Street's pain this year. He expects more bad news will come out as the world's banks recover from the subprime mortgage crisis, particularly from "overseas and some small retail banks in this country."But he adds that he's optimistic the mortgage market is turning, and that
could provide opportunity.Source: The Associated Press, Joe Bel Bruno (04/08/2008)
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