Countrywide just released it's 10Q. I have not had the time to read the whole thing. But while I was browsing I found the following interesting.
It seems they are holding more of negatively amortizing loans. Remember the earlier blog about them changing some of assets to "held for investments". These are assets they can not away for free. So naturally they have no choice but to keep it on their books.
Following is a summary of negatively amortizing ARM loans held for investment by Banking Operations:
82% No-doc, and 3.19% deliquency.
More to Come.
Sandy
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