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WORLD> America
US subprime debacle may spark 2-year credit recession
(Agencies)
Updated: 2008-06-05 08:45

NEW YORK  -- A "credit recession" sparked by the US housing market downturn and excesses in structured finance may last more than two years, and the financial sector will undergo "massive consolidation," leading Wall Street strategists said on Wednesday.


A foreclosed home is seen in Stockton, California in this May 13, 2008 file photo. [Agencies] 

The fallout from deteriorating subprime mortgages and the broader housing and credit crisis will eventually lead to a healthier market, but not until after a prolonged purging process, Jack Malvey, Lehman Brothers Holdings Inc's (LEH.N) chief global fixed-income strategist, said in New York.

"We're going through a tough spell with regard to credit," Malvey said at a Securities Industry and Financial Markets Association conference.

The "subprime debacle" due to years of excess and easy credit will be followed by years of tight credit, Malvey said.

Malvey spoke a day after his company's stock plunged to close at nearly a five-year low on concern that Wall Street's smallest surviving major brokerage may need to raise more capital. On Wednesday, the Wall Street Journal reported that Lehman is seeking capital overseas.

Malvey said global diversification will be a "good remedy" for investors seeking to offset losses from the downturn. "This is the biggest blowup that we've had," the strategist said.

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