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Updated from 9:45 a.m.
Countrywide Financial(CFC Quote) tumbled 7% Tuesday after the lender cut its full-year profit target, saying defaults and delinquencies were rising across all mortgage categories.
Wall Street took the news badly, because Countrywide's comments suggest credit quality is deteriorating everywhere amid a U.S. housing slowdown, not just in the hard-hit subprime area. Shares in banks, brokerages and homebuilders fell across the board, with lenders such as Indymac (IMB Quote), NovaStar (NFI Quote) and Fremont General (FMT Quote) off 6% each. Also hard hit were Washington Mutual (WM Quote) and Downey Financial (DSL Quote), each of which dropped more than 3%. ...
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