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We’ve got a few more signs that is all not well with the non-subprime lenders that were supposedly insulated from contagion of the mortgage meltdown. Submitted in to evidence:
- IndyMac lays off 400, sees mortgage delinquencies jump 30%
- Impac lays off 20% of workforce
- Countrywide revises 2nd mortgage and HELOC guidelines and rates
All of which just took place in the last two days. I’m inclined to ask Philadelphia Federal Reserve President Charles Plosser “What market are you watching?” in response to his comment yesterday:
“If I started to see some of the spillovers occur in some of the prime mortgages, I’d get more nervous,” Federal Reserve Bank of Philadelphia president Charles Plosser said in an interview with The Wall Street Journal Tuesday.
I think we’ve seen plenty of spill over just this week alone.
