Housing casualties pile up

June 16. - A credit crunch brought on by the collapse of the subprime mortgage market and a housing slump claimed its lastest victim - - American Insurance Group showed CEO Martin Sullivan the door.

The picture does not look bright for the housing sector or the companies that provide financing. Homebuilder sentiment matched a record low in June and a 48 percent spike in May home foreclosure filings suggest the housing market has yet to hit bottom. SPEAKER: John Lonski, chief economist, Moody's Investor Service. Conway Gittens reports from New York.

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