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Morning Mortgage Meltdown: More, More, More!

More on the (extra) downturn in the nation's ongoing mortgage drama: the Wall Street Journal finds that our problems may be "deeper" than previously thought, with prime mortgages from 2007 going "seriously delinquent" at almost three times the rate of the previous year. Prime borrowers who took out "piggyback" second mortgages also jumped to a record 33 percent. All in all, 2007's looking to be an ugly year — with 65 percent of subprimes originating that year expected to default, compared to 2006's 45 percent. Uh oh? [WSJ]