71% not paying full interest

[DWCAP]

Ok, I know it has all been discussed before. But I just wanted to put this up there and let everyone see how we are not in the 7th inning stretch so many people want us to be.

http://money.cnn.com/news/newsfeeds/articles/apwire/cf41aca1465643647a26cf8ab5ae0cc3.htm

My favorite parts:

The company noted some 81 percent of the loans were made out to borrowers who provided little or no documentation on their income. As of the end of December, 71 percent of borrowers with pay-option loans were electing to make less than full interest payments.

As of the end of December, Countrywide had nearly $29 billion in pay-option loans, with about $26 billion of the total having grown beyond their original loan amount, the company said in a filing late Friday with the Securities and Exchange Commission.

California accounted for the highest portion of Countrywide loans, according to unpaid principal balance, of any state, the lender said.

[jpinpb]

My favorite was this: “Total delinquencies as a percentage of the number of loans was 6.96 percent, up from 5.02 percent at the end of the prior year. Some 1.04 percent of loans were facing foreclosure, up from 0.65 percent a year earlier.”

KIM this is only Countrywide here. What about others, New Century, etc. Countrywide was not the only one doing these subprime loans. Pretty amazing, scary and funny when you look at the forest and not the trees.

[jpinpb]

My favorite was this: “Total delinquencies as a percentage of the number of loans was 6.96 percent, up from 5.02 percent at the end of the prior year. Some 1.04 percent of loans were facing foreclosure, up from 0.65 percent a year earlier.”

KIM this is only Countrywide here. What about others, New Century, etc. Countrywide was not the only one doing these subprime loans. Pretty amazing, scary and funny when you look at the forest and not the trees.

[jpinpb]

My favorite was this: “Total delinquencies as a percentage of the number of loans was 6.96 percent, up from 5.02 percent at the end of the prior year. Some 1.04 percent of loans were facing foreclosure, up from 0.65 percent a year earlier.”

KIM this is only Countrywide here. What about others, New Century, etc. Countrywide was not the only one doing these subprime loans. Pretty amazing, scary and funny when you look at the forest and not the trees.

[jpinpb]

My favorite was this: “Total delinquencies as a percentage of the number of loans was 6.96 percent, up from 5.02 percent at the end of the prior year. Some 1.04 percent of loans were facing foreclosure, up from 0.65 percent a year earlier.”

KIM this is only Countrywide here. What about others, New Century, etc. Countrywide was not the only one doing these subprime loans. Pretty amazing, scary and funny when you look at the forest and not the trees.

[jpinpb]

My favorite was this: “Total delinquencies as a percentage of the number of loans was 6.96 percent, up from 5.02 percent at the end of the prior year. Some 1.04 percent of loans were facing foreclosure, up from 0.65 percent a year earlier.”

KIM this is only Countrywide here. What about others, New Century, etc. Countrywide was not the only one doing these subprime loans. Pretty amazing, scary and funny when you look at the forest and not the trees.

[gdcox]

Out of interest, I believe the pay-option mortgages are unique to the US.

[gdcox]

Out of interest, I believe the pay-option mortgages are unique to the US.

[gdcox]

Out of interest, I believe the pay-option mortgages are unique to the US.

[gdcox]

Out of interest, I believe the pay-option mortgages are unique to the US.

[gdcox]

Out of interest, I believe the pay-option mortgages are unique to the US.

[kewp]

Oh yeah, the pay-option-arm resets are out till 2012.

I lost my official ‘housing bust to baseball’ conversion ration chart, but we are nowhere near the seventh inning. Maybe second inning tops.

[kewp]

Oh yeah, the pay-option-arm resets are out till 2012.

I lost my official ‘housing bust to baseball’ conversion ration chart, but we are nowhere near the seventh inning. Maybe second inning tops.

[kewp]

Oh yeah, the pay-option-arm resets are out till 2012.

I lost my official ‘housing bust to baseball’ conversion ration chart, but we are nowhere near the seventh inning. Maybe second inning tops.

[kewp]

Oh yeah, the pay-option-arm resets are out till 2012.

I lost my official ‘housing bust to baseball’ conversion ration chart, but we are nowhere near the seventh inning. Maybe second inning tops.

[Author]

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