Exactly salmonite. Speculation of making a fast buck in the housing industry by folks who already owned a home was a big factor in the increase of those loans. It wasn't by folks who were just starting out and wanted a home to live in. My guess is the folks who speculated are the ones who are defaulting on their loans, and not the ones who just wanted a roof over their heads. I'd also bet dollars to donuts that the ones who just wanted a home to live in are still making the payments, no matter what it takes.