Countrywide said payments were at least 30 days late at the end of second quarter on 4.56% of prime home-equity loans serviced by the company, up from 1.77% a year earlier.
Payments were late on 23.71% of sub-prime mortgage loans, up from 15.33% at the end of the same period in 2006, the company said.
A huge jump from 1.77% to 4.56% of prime mortgages with late payments, and from 15.33% to 23.71% of sub-prime. And housing prices haven’t even really started falling yet.
But they will.