Rolling Stone: Marlboro Marine Back from Iraq


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Americans making mortgage payments on time are in the 90th percentile. Foreclosures, I believe, are currently somewhere around 2 percent across America.
Subprime loans have always been around, mainly for the wealthy. But there are shysters and greed gets in the way, so people were using these loans for many different reasons after lending regulations were loosened. I believe it caught like wildfire and blew up in our faces, kind of like a pyramid scheme. Local governments should have known, if anybody should have known, what the local residential properties were really worth. But this housing boom helped a lot of blighted areas and communities for low-income people with good intentions. It just got out of control and everybody was benefiting from the money it generated. There are no conspiracies here, just plain old free-market capitalism.

I'm not a realtor, but I would think that if you don't have to sell in this market, you wouldn't, so the foreclosure figures would be expected to be quite a high percentage. What is the percentage of mortgage holders who are current in these markets?

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