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Subprime Panic

There’s blood in the streets for high risk U.S. mortgage lenders.  America’s second largest subprime lender, New Century Financial (NEW), lost 69% of its value today as investors sold in panic.

Unconventional mortgages, which account for over 1 in 8 U.S. mortgages, have led to the demise of 31 U.S. lenders in the last 3-4 months alone according to the Implode-O-Meter.