Many investors have been affected by the increasingly perilous subprime mortgage situation and several stocks such as Countrywide, Bear Sterns and Washington Mutual have been directly affected. While exposure to the risks in subprime mortgage companies is in the nature of the game and has been well known for the better part of 2 years, many investor’s are unaware that their other stocks, seemingly uninvolved in subprime investments can also be impacted.
Today, many mining stocks such as Silver Standard (SSRI), Cameco Corp. (TSX:CCO) and Miramar (AMEX: MNG) announced that severl million dollars of notes that they held from Financial lenders were not being timely paid.
Silver Standard announced today that A $14 million note issued by a Coventree-sponsored conduit matured today and remains outstanding.
The meltdown at Coventree began July 19th and the news of how those problems are impacting other stocks is a developing story. Stay tuned..but check the background of notes owed to any companies you own with a fine tooth comb.