Lehman Brothers has estimated that about 2.8 million subprime mortgages will reset this year and next at a rate that is 30% higher than the so-called "teaser" rate. The investment bankers also forecast foreclosures to shoot up to about 1 million this year and next, quadruple last year's level.
Tuesday, February 12, 2008
Housing Is Nowhere Near the Bottom
From CBS Marketwatch:
