Bear Sterns credit outlook now negative on mortgage blues

More people at Bear Sterns are singing the mortgage blues, joined by a chorus from Standard & Poor’s Ratings Services. Lowered its credit outlook on Bear Stearns Cos. to negative from stable, Standard & Poor’s Ratings Services said it was because of the investment bank’s exposure to the distressed mortgage and corporate buyout markets.

Also today, subprime lender HSBC said it was worried about looking bad on Facebook. Get real dudes – you are already looking bad with $10.6 billion (USD) in loan loss set-asides.