Map of Misery

Businessweek's Map of Misery shows us the percent of option loans by state. Look at California!

From Nightmare Mortgages from Sept 06.

Great read to see the type of mortgage junk that was being underwritten, though the article gets the wrong conclusion (investors won't be hurt).

Monday morning quarterback quote (emphasis mine)

""It's certainly reasonable to expect to see some excesses wrung out," says Brad A. Morrice, president and CEO of New Century Financial Corp. But even here the damage will likely be limited."

From Calculated Risk

Posted on March 16, 2007 and filed under Finance.