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Countrywide Financial,
the nation’s largest mortgage lender, said yesterday that more
borrowers with good credit are falling behind on their loans and that
the housing market might not begin recovering until 2009 because of a
decline in house prices that goes beyond anything experienced in
decades, the New York
Times reported today. Just a couple of months
ago, some executives were predicting a relatively quick recovery and
saying that most home loans would be fine with the exception of the
subprime market. Countrywide said about 5.4 percent of the home equity
loans to customers with good credit that it held an interest in were
past due at the end of June, up from 2.2 percent at the end of June
2006. By comparison, more than a fifth of subprime loans were past due
at the end of June, up from 13.4 percent a year ago. Read
more.
Countrywide: Borrowers With Good Credit Falling Behind |
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