[Moonbat]

...borrowers defaulted in the recent mortgage meltdown? Does anyone know a source that will show what the major reason was for default by sub-prime borrowers beginning in 2007? For example, was it that their interest rates increased dramatically (which can happen on an adjustable rate mortgages in which its interest rate can rise dramatically when when interest rates increase in general) resulting in the borrower being unable to make the payments? Or is their evidence of some other major factor, such as a herd instinct where some folks just decide to stop making payments (even through their interest rate is unchanged) because they see and hear that others are doing the same? I see a lot of definitions of sub-prime lending, but nothing specific as to what particular aspect of sub-prime loans that caused borrowers to re-neg.