One thing I think is interesting is that the total subprime mortgage default rate isn’t horribly horrible —it’s the should have known better buyer-ARM’s and interest-only in the prime market that were risky and not rated as such.

I have to find the article that shows that to give you a reference. It’s posted somewhere here.

Prime borrowers who bought too much of a house because they thought they could play the game too! —basically.

Greed from the bottom-up and the top-down.