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Another Mortgage Company May Liquidate,…
but this time it is not a sub-prime one. Is the real estate "crunch" spreading?
"American Home caters to borrowers whose credit scores fall just short of standards for top-rated mortgages. The announcement provides fresh evidence that defaults may be spreading from subprime borrowers with the worst credit scores to homeowners with more reliable payment records. The biggest U.S. mortgage lender, Countrywide Financial Corp., said last week late payments rose among some of its most creditworthy clients."
Here is a link to the entire article:
http://www.bloomberg.com/apps/news?pid=20670001&refer=home&sid=a2yB9pe.3k3A
Mike
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