Here It Comes
Jul 24th, 2007 at 8:24 pm by Susie
Here comes your 19th nervous breakdown. It’s not just subprime mortgages anymore:
Shares of Countrywide Financial Corp. tumbled today after the nation’s biggest mortgage lender signaled that rising defaults and delinquencies are spreading beyond the troubled sub-prime market to higher-quality “prime” loans.
[...]Countrywide said payments were at least 30 days late at the end of second quarter on 4.56% of prime home-equity loans serviced by the company, up from 1.77% a year earlier.
Payments were late on 23.71% of sub-prime mortgage loans, up from 15.33% at the end of the same period in 2006, the company said.
