Business Services Industry
More fallout from the housing slump and subprime mortgage mess.(THE ECONOMY)
Kiplinger Letter, The, April, 2007
More fallout from the housing slump and subprime mortgage mess:
Less demand for new pickup trucks and another hit for Ford, GM and DaimlerChrysler. Pickups make up nearly a third of U.S. annual sales for Ford and GM and about 16% for Chrysler, and they represent some of the makers' most profitable lines. Lower incomes for many workers in the construction trades...from carpenters to flooring and tile guys... are keeping these typical buyers of pickup trucks away from showrooms.
But mortgage insurers are benefiting. The number of policies sold will likely shoot up by 15%-20% this year, reaching nearly 1.8 million. More lenders are requiring borrowers who can't pony up a 20% down payment to go this route, guaranteeing that they won't lose if borrowers...
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