Rising delinquencies on subprime mortgage loans in the U.S. have created a full-blown credit crunch in the U.S. and globally. PIMCO has been closely tracking the housing market and trends in mortgage finance for more than two years in anticipation of just such an event. In the collection of articles below, PIMCO's investment professionals discuss the housing recession, the meltdown in subprime and the potential investment opportunities created by the resulting credit crunch.

November 2007 In Focus "The 2007 Subprime Timeline" How the subprime crisis unfolded

Investment Outlook "Shadow Dancing" Bill Gross discusses difficulties that investors and policymakers face after the “shadow banking system” spurred reckless mortgage lending and ultimately burst the housing bubble.

October 2007 Japan Credit Perspectives "U.S. Subprime Loan Turmoil and Japanese Credit Markets" Koyo Ozeki explains that the impact of the subprime loan crisis has been much lighter in Japan than in other markets, particularly Europe.

European Perspectives "Euroland’s Real Estate and its Importance for Euroland Economy and ECB Policy" Matthieu Louanges discusses the similarities and differences between the U.S. and European housing markets.

Spotlight Q&A: William C. Powers discusses PIMCO’s cyclical outlook and global strategy following the global credit contagion set off by the decline in the U.S. housing market.

Viewpoints Q&A: Mark McCray and John Cummings explain why the recent subprime sell-off may create investment opportunities in the municipal bond market.

Investment Outlook "What Do They Know?" Bill Gross discusses the complexities that Federal Reserve policymakers face as they address the subprime crisis and burst housing bubble.

September 2007 Cyclical Forum Q&A: Paul McCulley answers questions about how the U.S. subprime mortgage crisis and slowing housing market are influencing PIMCO’s global economic outlook and investment strategy.

Investment Outlook "Where's Waldo? Where's W?" Bill Gross calls for intervention by the Bush administration to bail out "almost homeless homeowners".

Global Central Bank Focus  "Teton Reflections" Paul McCulley, in a review of the Fed's annual symposium in Jackson Hole, Wyoming, predicts that the Fed will ease substantially to prevent the subprime crisis from spilling over into the broader economy.

European Perspectives "The Coming Storm" Myles Bradshaw notes that UK mortgage rates are also on the rise and that the British economy is likely to slow as a result, which bodes well for UK bonds.

August 2007 Emerging Markets Watch "Never Send to Know For Whom the Bell Tolls; It Tolls for Thee" Curtis Mewbourne discusses the connection between emerging markets bonds and U.S. subprime, and the investment implications of recent volatility in EM.

Canadian Perspectives "The Upside of a Meltdown" Ed Devlin explains the connection between U.S. subprime and Canadian asset-backed commercial paper, and the opportunities PIMCO sees in Canada. In an earlier piece, "Changing on the Fly", Ed raised concerns about the leverage being used in Canadian asset-backed commercial paper.

U.S. Credit Perspectives "Eagle Putt" Mark Kiesel discusses the outlook for corporate bonds in the current credit crunch, and why PIMCO took a cautious approach to the sector due to concerns about the housing market.

March 2007 In Focus "Housing Project Update" PIMCO's Housing Project team forecasts a continued slowdown in the housing market and predicts that growing problems in the subprime market will take years to correct.