After a week of one bad news story after another about the "Melt-down", "Collapse" and the impending doom within the mortgage industry it might be time to take some IB, have a scotch and calm down.
The "sub-prime" markets account for less than 15% of the total mortgage market.
The number of mortgages in jeopardy? .4% (That is no typo, it is 0.40%)
Why then all they hype? Because Wall Street is crying up a storm, isn't lending anymore at the wholsale level, and we've returned to a mortgage market more similar to 2000, when you need to prove your income, have good credit and a job.
There are loans out there for you to buy a new home if you have a downpayment, good credit and a job. Thats all there is to it.
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