LA Biz Observed
 
Bio • Email • Archive
 

 

Chick Hearn would have called it nervous time. Wall Street remains jittery about whether the subprime tumult might spill over to the rest of the market. In this climate, statistics confirming what everybody pretty much knew already have a way taking center stage. Thus comes word that mortgage-delinquency rates jumped in the fourth quarter. Delinquency rates have been going up for months now (and fourth-quarter delinquencies are often high because of home-heating bills and Christmas presents), but even in context the numbers ain't great. And of course, there's the mess at Irvine-based New Century Financial, which is on the verge of filing for bankruptcy. There are some other freelance worries - not to mention some more profit taking -but the subprime stuff appears to be the big story. The Dow is down 178 points with a little over an hour to go.

> | More
© 2003-2011   •  About LA Observed  •  Email the editor
Mark's latest news
and commentary
 
 
LA Biz Observed
by topic
Economy and jobs
Media, books & Hollywood
Politics and labor
Travel, food and life
Technology
Land and real estate
Wealth and poverty
 
 
New at
LA Observed
 
6:50 PM Thu | Largest crowd for a Walk of Fame star ceremony that many could remember, outside the Capitol Records tower on Thursday. Photo by Gary Leonard.