IanB

Subprime Mortgage Losses: Not as Bad as Advertised

Agreed, JKirk, many of the refi loans were probably made in the second half of 2007 when standards were starting to improve. However, I don't imagine that half of the 2006 subprime borrowers suddenly became better credits in 2007. Agreed also that many or most of those loans are still on the originators' books.