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US banks to form $75bn fund to invest in US sub-prime mortgage debt

Reports have emerged that some of America’s largest banks are set to announce plans later to form a $75bn (£37bn) joint fund to invest in US sub-prime mortgage debt.

The BBC says that the banks, including Citigroup and JP Morgan, are seeking to boost confidence in the sector and prevent a further dip in the price of such investments.

The website says that the banks are said to fear more cuts in the price of sub-prime mortgage debt, which is hitting their balance sheets.

Analysts say the big US banks hope their move will deter the current holders of sub-prime mortgage securities from dumping them on the market at knock-down prices.

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