Big European Banks Pulled Down by HomeBanc Default

August 10, 2007 (LPAC)--The filing of Chapter 11 by HomeBanc Corp in Delaware, yesterday, for default on its 4.9-billion dollar debt, affects several of Europe's biggest banks, the German (finanznachrichten) newswire reported this afternoon. The banks, all creditors to HomeBanc, are Germany's Deutsche Bank Structured Products and Commerzbank AG New York; Fortis Capital Group (Belgium), and BNP Paribas (France). On the U.S. side, JP Morgan Chase Bank is said to suffer from the default.