No doubt this spread of the problem is making investors nervous and spooking the markets together with other factors.
Mortgage delinquencies spreading: AIG
http://www.reuters.com/article/domesticNews/idUSN0835672120070809?src=080907_0853_TOPSTORY_subprime_turmoil_spreads
Thu Aug 9, 2007
NEW YORK (Reuters) - Residential mortgage delinquencies and defaults
are
becoming more common among borrowers in the category just above
subprime,
American International Group said on Thursday.
In a presentation on its subprime exposure, AIG, the world's largest
insurer
and one of the biggest mortgage lenders, said total delinquencies in
its
$25.9 billion real estate portfolio were 2.5 percent.
It said 10.8 percent of its subprime mortgages were 60 days overdue,
compared with 4.6 percent in the category with credit scores just above
subprime, indicating that the threat to the mortgage market may be
spreading.
(Reporting by Ed Leefeldt)
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