The basic point remains that 95% of mortgages in the US are prime: 30 year fixed rate, no teaser rates, no adjustability of any kind.
There may be some middle-class folks who've over-extended and got themselves in the soup along with the more traditional working class prey of the predatory lenders.
But all up, subprime is still only 5% of the total US mortgage market. And that simple fact doesn't change no matter how you slice and dice the various news reports.
-Mark
The basic point remains that 95% of mortgages in the US are...
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