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| A cautionary tale in the US |
| FT.com Wednesday, 14 March 2007 | |
| FT.com - Frank Bascombe, the realtor-narrator of "Independence Day", Richard Ford's Pulitzer Prize-winning novel, describes falling property values as "an odorless, colorless mist settling through the still air where all breathe it in". Does the plight of New Century Financial (NYSE:NEW), the US subprime lender on the verge of bankruptcy, suggest those noxious fumes are going to drift across the Atlantic to the UK? | |
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