US European Central Banks Focus on Containing Mortgage Crisis

The U.S. sub-prime mortgage mess has rise into a full-blown global financial catastrophe Thursday - making credit harder to get from Paris to San Francisco.

Early Thursday, France’s largest bank blocked clients from taking money out of several of its funds exposed to U.S . sub-prime loans. The European Central Bank and the U.S. Federal Reserve immediately intervened by flooding their banking systems with cash to keep interest rates from rising as many global lenders slammed shut their loan windows.

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