24 octobre 2007
Containment spreading fast in housing bust: James Saft
source: Reuters
From the beginning, Fed officials and others have preached
"containment" on the housing debacle: first that its effects would be
confined to subprime borrowers, then to locations, such as California,
and finally that the damage would not spread too far within the economy.
But like a nightmare version of the movie Spartacus, now even the most unlikely borrowers are standing up and telling their lenders: "I am subprime".
A total of 18.82 percent of subprime loans were delinquent in July, 29 percent more than in April. But while only 4.52 percent of loans to Alt-A borrowers, the class just above subprime in creditworthiness, were behind on payments in July, that represents a huge 45 percent increase since April. Prime jumbo loans, those to borrowers with good histories wanting a loan of more than $417,000, are going bad at much smaller but faster accelerating pace, standing at 0.6 percent, up more than 50 percent since April and at the highest since March 1999.
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