Wall Street banks making big margin calls

A rolling margin call is being made on US investment firms.

JPMorgan Chase have revealed in a report that more default notices and margin calls are likely.

JPMorgan, which sent a default notice to Thornburg Mortgage after the lender missed a $28 million margin call, said the Carlyle Group had also missed a $37 million margin call.

In the report, the banks analysts said the credit crisis that began about a year ago would most likely intensify after Friday's weak February US employment report.

The JPMorgan report included a revised bleaker forecast for subprime-related home prices.

The bank now sees prices falling 30 percent, from its prior 25 percent forecast.