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Greg...are you serious? The collapse of the subprime market is being caused by subprime houseflippers? Low income, immigrant, two-job working, low FICO houseflippers? Why do you assume that this population of houseflippers can even get credit cards from Citigroup and BAC?
Apr 12 07:51 am
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All Comments by Lukas Bux »Subprime Revelation: Early Payment Default-ers Just Don't Care [View article]
Maybe they are not bothering with delinquency and going right to bankruptcy:
www.cardtrak.com/news/...
As you errantly report, "The subprime mess has been caused by a peculiar circumstance: Early Payment Defaults...." No, the subprime mess has been caused by standard-less underwriting that put people in houses they realized, after four months, they should never have been allowed.
The early defaulters are the tip of the iceberg. Your real houseflippers haven't even been touched yet, but after this failed Spring selling season the squeeze will be on.