Housing lenders fear bigger wave of loan defaults

The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.

Delinquencies for prime mortgages doubled in April compared to one year earlier while Alt-A mortgage delinquencies quadrupled, up to a whopping 12%. These mortgages are for those with good credit, and are not subprime.

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