On the one hand, Countrywide Financial Corp. sees its second-quarter profit affected by mortgage delinquencies and defaults even among the borrowers with good credit, and the company prepares for even more people defaulting on their mortgage payments as time goes on. On the other hand, DataQuick Information Systems in La Jolla is reporting that lenders are filing over 50,000 notices of default during a 2 month period between April 2007 and June 2007 – staggering increase in 158% compared to the second quarter in 2006.
It looks like the current trend of increasing foreclosures and mortgage defaults is only going to continue – maybe even get worse.