CNN

Early Payment Defaults on 2007 Subprime Vintage Hit 11.2 Percent 

Subprime borrowers who took out loans in 2007 are defaulting at twice the rate of 2006 loans ten months after issue, underscoring the reality that resets are likely only one small aspect of a multi-faceted mortgage crisis now being felt nationwide. According to Friedman, Billings Ramsey analyst Michael Youngblood, defaults among the 2007 subprime vintage hit 11.2 percent in November, CNN Money reported Wednesday. That’s roughly 300,000 households defaulting without a reset.