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Subprime Mess Continues To Wreak Havoc on the Mortgage Market
By admin | July 24, 2007
...on Tuesday Countrywide reported a 33 percent drop in net income for the second quarter and announced that payments were delinquent on nearly 24 percent of its subprime mortgage loans compared to 15.33 percent at the same time in 2006. More disquieting, there is evidence that problems in the company's subprime sector appear to have spread to their higher rated prime loans, specifically home equity products on which 4.56 percent of customers were behind in payments compared to 1.77 percent during the same period last year.
Another lender is still alive but retrenching. Indymac Bank announced late last week that...
Topics: Mortgage News |