Funny story about those alt-a defaults.
Housing wire reports that alt-a defaults are closing in on 18%. The thing is that these loans are not resetting yet. They supply a chart that shows that this three month period has the lowest rate of scheduled resets for the rest of the year. Apparently it has been suggested to Housingwire that 70% of all alt-a (liar loans) were fraudulent.
Shockingly, we learn that people who will lie with you... will lie to you!
(I hope I get to tell that to my grandkids) (I hope they listen better than the mortgage brokers grandparents grandkids did).