Subprime Mortgages Drop Markets

It seems like all those No-Interest, Reverse Mortgages are finally started to come due much to the chagrin of the sector. Now we might see some more sub-prime bankruptcies coming down the pike.

The San Diego, California-based Accredited said it needed to raise
money after paying $190 million demanded by its own creditors, and said it was
cutting an unspecified number of jobs and was exploring "strategic options,"
including raising new capital.

Trading in New Century stock was suspended by the New York Stock
Exchange prior to delisting. The Irvine, California-based company also
said it had received a notice from the U.S. attorney for the Central District of
California that it was the subject of a criminal probe of trading in its
securities.

Good thing I have been in cash for the last couple of weeks.