Gah

Defaults for subprime loans issued in 2007 - none of which have reset yet - hit 11.2 percent in November. That represents perhaps 300,000 households, and is twice the default rate that 2006 loans had 10 months after being issued, according to Friedman, Billings Ramsey analyst Michael Youngblood.

Defaults are spiking well before resets come into play thanks to the lax lending environment of the past few years. Many borrowers were approved for mortgages that they had little chance of affording, even at the low-interest teaser rates.

This whole so-called "sub-prime" issue is making me insane.. because of the reaction I'm seeing from some people on the left. It's not a liberal or conservative issue at all.. period.. so stop fuckiing trying to make it one.

Stupid people got stupid loans that stupid banks created and other stupid banks bought. Period.

There is absolutely no need for any government interference here at all. You CANNOT bail out stupid.. Okay? So you don't compound the stupid by saying that tax payers should somehow collectively bail out the stupid.

That would be stupid.

We all feel for people who didn't know what they were doing when they got their loans. I'm sorry they didn't read the fine print or understand what was going on. I'll bet they pay attention if they ever do it again.. but this is not Katrina.. this is not health insurance.. this is not a left or right issue. This is stupid on a grand scale and the stupid needs to learn that it can't just keep doing stupid things with no consequences.