Thursday, August 2, 2007

Soaring default and foreclosure rates are not limited to subprime and Alt-A mortgages. Countrywide – the largest mortgage lender in the US – admitted last week that the same goes for prime home loans. This has triggered the most aggressive tightening of m

More scalps for mortgage belt

Signs that the crisis in the US subprime mortgage market is spreading to higher-quality mortgage loans contributed to a dramatic sell-off in credit and equity markets this week, as lenders reported significantly lower second-quarter earnings and investors ran aground on mortgage-related losses. The latest bout of mortgage market malaise centres on so-called “Alt-A” home loans, in which late payments and defaults are running at four times the historical rate

Posted by chris :-)) @ 12:51 AM (321 views)
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