New York, NY – Dow Down 218 Points At Close.

Business News.

New York, NY – Dow Jones industrial average fell more than 200 points at the closing bell at 4pm

As housing fears and earnings reports disappoint Investors, in particular where concerned that Countrywide, the largest U.S. mortgage lender, plunged the most in 15 years on earnings that missed analysts’ estimates, The U.S. housing market is suffering its worst slump in 16 years as rising defaults among subprime mortgage borrowers have led to tighter credit standards and record levels of unsold homes.

Countrywide is preparing for an increase in missed payments in prime loans, or those granted to borrowers with good credit histories. [vin]