Everyone Becoming Subprime?
“The Pasadena, California-based parent of IndyMac Bank said the delinquency rate on prime loans rose to 6.85 percent from 3.83 percent in last year’s first quarter. It said subprime mortgage delinquencies rose to 28.18 percent from 18.55 percent a year earlier, and late payments on home equity loans rose to 16.35 percent from 5.78 percent.”
Prime loans defaulting at subprime rates. Cities and hospital systems paying double digit interest rates. Get ready, it could be coming to an individual, business, or town near you.