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The fall out from the meltdown of the sub prime lending housing market probably has a very far way to go. Bear Stearns has recently had a very bad time of it. It’s not often that a big Wall Street firm has to hold a conference call in an effort to prove its creditworthiness, but these are not ordinary times.

The following is from Forbes online magazine:

“Bear Stearns (nyse: BSC - news - people ), facing possible investor lawsuits over the implosion of two of its mortgage-laden hedge funds, severe pressure on revenues because of its exposure to the home and leveraged loan markets, and a possible bond-rating downgrade, says it’s weathering the storm.

Bear Stearns has been in the financial news lately and not in the best of ways. It seems that two of Bear Stearns’s hedge funds ran into such heavy losses with the collapse of the until recently popular carry trade in Japanese Yen that they had to be liquidated. That’s quite a blow to one of Wall Streets most well known and up to now successful investment banks.

That may only be the tip of the financial iceberg with more bad news to come. It seems like Bear Stearns has stopped redemption’s in a third hedge fund. Now it has received a credit warning from Standard and Poors.