The performance picture for subprime mortgages was a bit muddled toward the end of 2004, with a variety of indexes telling different stories about the general trend on delinquencies. Inside B&C Lending’s analysis of the delinquency rates of 11 large subprime servicers, for instance, found that some 9.60 percent of their outstanding portfolio was at least 30 days past due or in foreclosure at the end of December. That was up markedly from the…