Tuesday, January 29, 2008

Countrywide: 1 in 3 subprime mortgages delinquent

More great news from the nations largest mortgage company:

"NEW YORK (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile, Research), the largest U.S. mortgage lender, on Tuesday said more than one in three subprime mortgages were delinquent at year-end in the $1.48 billion portfolio of home loans it services.

Countrywide said borrowers were delinquent on 33.64 percent of subprime loans it serviced as of December 31, up from 29.08 percent in September. It also said borrowers were at least 90 days late on payments on 17.25 percent of subprime mortgages."

I don't know - I had CFC shorted at $20 and got spooked out of it after the first rate cut. Now that Bank of America is buying it it has managed to sneak back to the $6 level and change. I think without BOA this business was gone. Some people are trying to give Mozilo credit for giving up some dough here at the end - I think he is a criminal. BOA probably forced this on him - what was he going to do? This is a CEO who has done nothing but sell his own stock. He (reportedly) never bought any shares - he always flipped all his options - especially last year as the whole subprime mess began to crack and Wall Street was still busy peddling securities backed by all these crap mortgages.