San Jose Mercury News – Valley may be insulated from mortgage morass
About 7 percent of all outstanding mortgages in the San Jose metropolitan area in December 2006 were subprime loans, according to estimates from First American LoanPerformance in San Francisco. Of those borrowers, nearly 9 percent were more than 60 days late in their payments. But nationally, about 15 percent of mortgages outstanding at the end of last year were subprime, and about 12 percent of those borrowers were delinquent in their payments.
Phew. Only 7%. That’s nothing!
Or is it?