OVERLAND PARK, Kan. — In the April 18, 2007 edition of Credit Union Times, Brian Hague, CFA president/CEO of CNBS, LLC noted that the housing slump resulting from the subprime mortgage meltdown was gaining traction, and threatened the broader economy. There was no consensus then, but three months later the bandwagon is rather more crowded, Hague noted during a recent interview.

Just last week, the latest shoe dropped, with American Home Mortgage Investment Corp., the Melville, N.Y. lender’s announcement that it doesn’t have the cash to fund new loans, leaving thousands of waiting homebuyers stranded. Investment banks cut of its credit lines and it’s expected the company will have to declare bankruptcy.

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