Subprime guidance may hit 60% of Countrywide ARMs - 2007-03-06
Proposed guidance on subprime mortgages by regulators would likely affect mortgage production of Countrywide Financial Corp., the company's chief financial officer declared on Tuesday. The borrowers are qualified at the lower, "teaser" rate on the loan and then usually refinance into a prime products once the two-year fixed period of a 2-28 ends.
Read the full story at Reuters

Mortgage lenders Take Beating in Subprime Fallout - 2007-03-06
Mounting worries on Wall Street that mortgage lenders might be hurt by growing defaults and delinquencies sent investors fleeing Monday from some of the biggest names in the industry. The latest to shake up the markets was New Century Financial Corp., the nation's second-largest subprime lender. The Irvine, Calif.-based company disclosed a criminal probe into the trading of its securities, and into the lender's accounting procedures.
Read the full story at Los Angeles Times