Financial Crisis Isn't Over Yet, Nobel Economist Granger Says

Financial Crisis Isn't Over Yet, Nobel Economist Granger Says

By Fergal O'Brien

Sept. 8 (Bloomberg) -- The U.S. financial crisis isn't over a year after it began, and more institutions will probably report losses tied to the collapse of the subprime-mortgage market, Nobel prize-winning economist Clive Granger said.

``The amount of repackaged mortgage debt is much bigger than anyone realized,'' Granger said yesterday by telephone from Tralee in southwestern Ireland, where he is attending a conference. ``Every month, we think that's it and then we find some more, so I have no idea how big the problem is.''