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Dow Down 210 Points - Reason? Delinquent Mortgages

Reported by Donna - March 13, 2007 -

Today on Studio B with Shepard Smith they went to the big board and the dow was down around 210 points. With all the talk on Fox News about the great economy, what on earth could be bringing the Dow down again?

Terry Keenan came on and explained that 14 1/2 percent of the sub prime mortgages, (mortgages that people got with no money down, no documentation and adjustable rates) were now delinquent. Retail sales were also down.

Comment: Fox is always trying to push how well the economy is doing when reality showed that these sub prime mortgages were going to be trouble as wages weren't keeping par with the prices of everything else, including homes. 14 1/2 percent delinquent is a lot, possibly followed by higher foreclosures.