June 14, 2007
-- by Dave Johnson
The number of Americans who may lose their homes because of late mortgage payments rose to a record in the first quarter, led by subprime borrowers pinched by an economy that grew at the slowest pace in four years.Also, "More pain" - the "subprime" problems are rippling out:
... Falling home prices hurt homeowners who fall behind on their payments, as they find it more difficult to sell the property or refinance into another loan, said Doug Duncan, chief economist for the Washington-based bankers' group.
Goldman Chief Financial Officer David Viniar said in a conference call Thursday that the subprime sector's woes are not over and to expect "more pain" before the problem is purged.
TrackBack URL for this entry:
Post a comment
Thanks for signing in, . Now you can comment. (sign out)(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)