Let me first say that Gretchen Morganstern of the New York Times is an excellent business writer. Yet it would be nice if she checked her facts.

In last weeks article she stated that 8.3% of Accredited Home Lenders' (LEND) loans held for sale, not investment were "non-accruing". According to LENDs 8-K she is incorrect. Generally lenders don't label a loan as "non-accruing" until it is 90 days delinquent. The 8.3% number was for the number of loans that were 30 days delinquent not 90.

While this is still not a good number, it definitely shows that the media is out to make a problem into a disaster. For sure borrowers that are 30-60 days past due are more likely to pay than those that are 90 past due.

I intend over the next several days to make several posts about subprime lenders. There are major differences between the companies that aren't being taken into account by investors. How might YOU profit from this?

Stay tuned.