COUNTRYWIDE: BORROWERS WITH GOOD CREDIT FALLING BEHIND
July 25, 2007
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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 this.
Countrywide: Borrowers With Good Credit Falling Behind
