The meltdown of New Century Financial and troubles reported by other subprime residential mortgage lenders in recent weeks are prompting speculation that Wall Street firms will step in and buy the distressed companies or their loan portfolios.
By the end of the 20th century, Russia had largely recovered from its 1997 economic meltdown and its citizens enjoyed greater political freedom than ever in an environment of considerable transparency.
The subprime meltdown, which began about this time last year with the bankruptcy of New Century Financial, has spread throughout the credit markets and has dragged down banks and bond insurers along with it.