10.26.2007

Bernanke's crime spree continues

The dollar hits another all-time low, breaking 77 on the dollar index.

Gold prices continue to skyrocket.

The Orange Midget predicts happy days for Countrywide, because if dollars aren't worth anything, people won't have any trouble paying their mortgages.

Some 4.41 percent of Countrywide's conventional first mortgage loans were delinquent as of Sept. 30, up from 2.57 percent in the year-ago quarter. For prime home-equity loans, delinquencies inched up to 13.5 percent compared to 13.4 percent.

The number of subprime loans that were behind in payments soared to 29.08 percent, compared to 18.32 percent in the year-ago period.

In the subprime loan category, 12.63 percent of the loans were behind in payments by 90 days or more, more than twice the year-ago rate.


Countrywide expects to "earn" 25 cents to 75 cents next quarter, because when people don't pay their mortgages, Countrywide counts the non-payment as "income" under the assumption that either the borrowers will win the lottery and be able to pay, or Countrywide will be able to foreclose and sell at 2006 inflated-appraisal, cash-back prices.

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