payments?
How many mortgages were lost and how many were sub-prime?
And it was the sub-prime mortgages that foreclosed first since interest rates began defaulting in the last quarter of '05?
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just to add to britneys answer the housing market fell before many could flip those homes so the value of the home ended up being less that what they owed against it.
fYi
No they just gave mortgages to people who couldn't afford them. I think Clinton said it was 'everyones shot at the American dream' (something similar to that)
and I dont know how many were made, but they were just given to people who couldnt afford them...well maybe they could afford them for the first 4 years but once the interest kicked in they couldn't.
And they thought they could sell their homes before the interest kicked in , but apparently too many people had the same idea