Weekend news about Mortgage Industry

1)Countrywide Home Loans whose subprime servicing portfolio
has a delinquency rate north of 20% also has $188 million in
foreclosed real estate on its books. (At the end of last
December that figure was just $27 million.)

2)The Mortgage Insurance Companies of America said its
members reported insurance defaults of 58,441 in August,
a 30% jump from the same month last year. That sounds like
a bad number but look on the bright side: the days of
80-10-10 loan structures are over and that\'s good news
for the MI industry

3)NetBank, a $2.5 billion thrift that two years ago ranked among
the top 50 residential lenders in the U.S., has gone bust.
The Office of Thrift Supervision took them over on Friday.
The FDIC was named receiver.

4)In late August, Bank of America came to the rescue of
Countrywide, buying 15% and putting to rest (more or less)
questions about its liquidity.
This past week Bear Stearns which has played a leading
role in the nation\'s subprime crisis said it might
sell 20% of itself.
And guess who might be a buyer? Answer: Bank of America