Even Japanese banks suffer during mortgage crisis

Think the mortgage-lending crisis in the United States isn’t having a global impact?

Think again.

A story by Justin McCurry in the Guardian, which you can read here, says that Japanese banks in the most recent fiscal year lost a bundle on the U.S. housing market. Mitsubishi UFJ, Japan’s largest bank, said its earnings for the year up to March had fallen by almost 28 percent.

It’s amazing how mistakes made by mortgage professionals here in the United States can have such a global impact.