Stock Market Falls Due To Subprime Concerns - KLTV.com - Tyler, Longview, Jacksonville |ETX News

8/9/07-Tyler

Stock Market Falls Due To Subprime Concerns

In Wall Street, stock prices fell this morning.  Dow Jones plunged by more than 300 points.  The reason, subprime mortgage concerns.  A French bank said it was going to freeze three funds it had invested in U.S. subprime mortgages because it just could not tell how much they were worth.  Financial planners tell KLTV 7 subprime lenders help those with low credit scores, or those who don't qualify for loans from mainstream lenders.  

"You have the tendency these days, whether people are buying new cars or new homes, they want as much as they can get, but the primary concern is how little can that monthly payment be," said Focus Financial, Financial Planner Jack Jones.  "The problem comes when it comes to refinance, or have to up that monthly payment.  A lot of people have simply not budgeted that in and are not able to make that increase payment."  For the average investor, Focus Financial Groups says today's plunge is nothing to worry about, as long as their money is spread out.

Molly Reuter, Reporting. mreuter@kltv.com

 

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