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Asks this latest poll in the OC Register. It cites the fact that only 10-15% of home loans are subprime. This number is off. Most sources put the number at closer to a quarter. Still, with all of the bad press, one has to wonder if it is too much hype. Part of the problem is that there is such an unknown out there. No one really knows how this is going to play out. You can see it in the wide variation of estimates about housing prices and default rates. It is this unknown that is driving the hype.
As things unfold I think there will be less hype; simply because it will become reality. I personally think that the meltdown is not overblown. Alot of people are going to lose their homes; and that is never anything that could be overblown. On the other hand, I don’t feel that this is going to tear apart our economy. The media always needs a good train wreck to keep readership high. The subprime mess is the perfect train wreck.
