Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

CFC Delinquencies Soar to 4.58%-up 1/4% in ONE MONTH!

What a sleazy outfit CFC is. 40% of all loans were IOs and pay option, and one wonders how much of that is just churning existing customers, as 22,835 billion or 54.4% of the month's business were refis. Come on, how many old mortgages can now be refied cheaper on an true APY basis?
http://www.idorfman.com/Charts/mlmortindex031405.png

See they are still trying to pass off the steady increase in deliquencies as "Katrina", wonder how much longer that dog ate the homework excuse works.

Mortgage loan fundings for the month of November were $42 billion:

Pay-option loan fundings for the month were $7.9 billion

Interest-only loan volume was $8.9 billion

Delinquencies in the servicing portfolio rose 26 basis points from October 2005 to 4.58 percent at the end of November