Today’s Housing Bubble Post – Not Just Subprimes

It’s not just “subprimes” that are in trouble. See Mortgage crisis hits million-dollar homes, page 2

“Everyone’s looking at subprime. The rock they aren’t looking under are the adjustable rate mortgages and teaser rates and low money-down loans,” said Mark Kiesel, a portfolio manager for Pacific Investment Management Co., the world’s biggest bond manager. “It’s going to affect prime as well.”

In fact, it’s everywhere. Subprimes are the tip — now the iceberg is coming into view.

Josh Rosner, managing director at investment research firm Graham Fisher & Co., says the growing numbers of foreclosures outside the subprime market is just the start.
“To define the problem as a subprime problem is short-sighted,” Rosner said. “It’s really seeing the tip of the iceberg as the iceberg.”

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