Oh but ain't that America for you and me
Ain't that America somethin' to see baby
Ain't that America home of the free
Little pink houses for you and me
--John Cougar Mellencamp
About one in 7 US mortgages were either in foreclosure or delinquent in Q3, a record. An amazing stat when you step back and think about it.
Foreclosures are now chewing into the 'high quality' fixed rate tranche.
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