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Morning Mortgage Meltdown: Lenders Lose, Foreclosures Double

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Two heart sinkers in today's news: Mega home lenders Countrywide Financial Corp. and GMAC LLC, lost a combined $1.5 billion in the first quarter— acute market tankage, no doubt. (Not so, you claim? Then please transport us to whichever Candy Land you're living in, post haste.) To wit, California ranked highest in a recent study of nationwide foreclosure rates (Stockton takes the cake, with a rate 6.6 percent higher than the national average). Nationally, the first quarter foreclosure rate more than doubled since 2006, with one in every 194 homes having been slapped with a foreclosure notice during that time. *Cringe* [Bloomberg, SF Gate]