US Mortgage Market Meltdown Hitting Diverse Markets

Last year Yahoo! warned of lowered guidance due to a weakness in the financial and automotive markets. That weakness seems to be growing by the day. In Media Biz Paul R. La Monica highlighted the following about the online ad markets:

• Countrywide was the #4 online ad buyer in July of 2007, with an estimated online advertising spend of $34.8 million.
• Another mortgage provider by the name of Low Rate Source had an estimated spend of $46.3.

The mortgage crisis is hitting many businesses not even connected to mortgages.

Oneida Limited, a dinnerware and flatware maker, recently had to yank their plans to offer $120 million in high-yield bonds as the credit markets froze up seemingly overnight.

Firms in fields as diverse as wireless, restaruant, and motorsports have blamed the mortgage market for poor performance. Asian stock markets have also been hit hard of late.