Its a bit more complicated then that, the reason the mortgages are bad is because in part home prices are falling
Most of the time, I read your posts for the entertainment. Waiting for you to say something funny. This post was funny.
Good read; The Ant, the Grasshopper, and the Subprime Securities http://www.lewrockwell.com/walker/walker30.html .
This article by Bill Walker felt like "Shock and Awe" to me. If this really happens, who'd be held responsible? The Government? Or the Banks? or the Fed? I suggest the Ron Paul Grassroots should print this article in a major Newspaper in the US. Savings and Retirement accounts of millions of people would go down the drain. It is difficult to save money, and even more difficult to watch that hard-earned money, collected over the years, become worthless. Ron Paul may still have a chance, if the MSM actually believes what he is saying. Peter Schiff has been crying wolf for a long time, but nobody believes him...