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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: GST who wrote (61865)5/24/2006 11:25:26 AM
From: John Vosilla  Read Replies (1) of 110194
 
It varies by region. A very high percentage in California used toxic ARM's the past two years. In Texas I recall the figure being only 1%. What is most scary is we had record foreclosures in Texas even with low home prices and little use of toxic ARM's. The inability of folks to use equity extraction in bubble markets now that appreciation won't be bailing them out will cause a rash of foreclosures in certain areas of this country the likes of which we might never have seen before in our lifetimes
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