HERE' RE THE FACTS - FROM THE LINKED-TO ARTICLE:
Late Mortgage Payments Jump to 3 1/2 Year High, New Foreclosures Hit All-Time High
WASHINGTON (AP) -- Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to record levels as borrowers with tarnished credit histories had trouble keeping up with monthly payments. ...
The percentage of mortgages that started the foreclosure process in the final quarter of last year rose to 0.54 percent, a record high. The previous high, 0.50 percent, occurred in the second quarter of 2002 as the economy was recovering from the blows of the 2001 recession.
Delinquency and foreclosure rates were considerably higher for higher-risk subprime borrowers, especially those with adjustable-rate mortgages.
DID YOU READ THAT? LATE PAYMENTS AND FORECLOSURES ARE AT THEIR HIGHEST RATE SINCE... 3 1/2 YEARS AND 5 YEARS RESPECTIVELY. BIG DEAL. AND IT'S NEARLY ENTIRELY THE SUBPRIME/RISKIER/MORE SPECULATIVE ADJUSTABLE-RATE MORTGAGES. BIG EFFIN' DEAL. THE SITUATION IS NOT DIRE - NOT BY A LONG-SHOT. THIS COUNTRY SURVIVED THE S&L CRISIS - WHICH WAS MUCH BIGGER. THIS IS MERE A HICCUP; THIS IS NOT A "REAL ESTATE BUBBLE" BURSTING. IT'S A HICCUP. JUST LIKE THE SHANGHAI BLIP WAS! NOW FUGGEDABOUDDIT!
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