Subprime Sieze Up Averted in Europe, Subprime Blamed

Major central banks swept in to calm credit markets spooked by mounting losses on Thursday and injected cash to prevent the financial system from seizing up. The European Central Bank pumped a record 94.8 billion euros ($130.6 billion) into Europe’s money markets as banks scrambled for cash after France’s biggest listed bank, BNP Paribas , froze withdrawals from three funds. It cited U.S. subprime mortgage market problems.

Mortgage Blues announced today the establishment of LenderWatch.org – a new website that will monitor United States and international lending. Further details on the project are not yet available.