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Welcome to interest.co.nz's morning briefing of what's news here and around the world. Everything you need to start the day in 90 seconds at 9'oclock.... Starting nowWith news that 19 companies associated with the Blue Chip franchise system for investing and owning properties have gone into liquidation owing thousands of investors millions of dollars.However, neither the master franchisee company Diem Ltd or the Australian based parent company Blue Chip Financial Solutions Ltd have gone into liquidation. Blue Chip changed its model last year to a franchise system and moved its listing to Australia.The whole set up is a complete mess and will take months to unravel says the liquidator.In more news from the credit crunch overnight, the Port Authority of New York tried to sell bonds through Goldman Sachs but eventually had to accept an interest rate of 20%. That's up from 4.3% last week. Essentially the markets for AAA rated municipal bonds in America is shutting down because of concerns over the viability of bond insurers and worries about the credit crunch.And also in America, it's being forecast that up to 15 million Americans will be in a negative equity situation by the end of the year. That's where the mortgage they owe the bank is worth more the house. That's what happens when you borrow to the hilt and then prices fall.Could we see the same in New Zealand. Prices data out yesterday from REINZ suggest that some may already be in that situation. Prices fell 1.5% nationally in January, but in Auckland City, they fell 15% in one month. Anyone who bought an expensive apartment in Auckland recently may already be in negative equity. Many will have bought through Blue Chip.That was 90 seconds at 9 o'clock. I'm Bernard Hickey for interest.co.nz