Countrywide has announced that beginning 12 March 2007, it will no longer be offering 100% financing to home borrowers. This follows its announcement earlier this month that delinquencies among non-sub-prime borrowers are up this year.
It was just a matter of time before the lenders started tightening their loose lending standards. As I've said before, I think their will be widespread losses across the spectrum of lenders, whether they're sub-prime or not.
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