Nope, didn't say it didn't exist, obviously it does. I'm just saying it is vastly overblown by the media. If you live in a fairly typical American city, and you don't see people being thrown out into the streets, loads of houses for sale or absolute auction, then that is fairly good proof that we have all been caught in a vastly overblown media story.
Secondly, there are lots of refinancing options that some of these subprime mortgage holders have short of losing their home. I know people whose adjustable mortage has gone up, and they have refinanced to a fixed rate at lower than that adjustable rate went up to.
This story will start to dry up pretty soon, and the market will adjust, and then head higher.
all bears you must read this, page-13
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