Negative Equity + Subprime = Default

Gee, who would have ever guessed Negative Equity amongstĀ  subprime borrowers would lead to lots of foreclosures?

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ny-fed-negative-equity

Hat tip Zero Hedge
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Source:
Below the Line: Estimates of Negative Equity among Nonprime Mortgage Borrowers Andrew F. Haughwout and Ebiere Okah
NY Fed, July 1, 2009
http://newyorkfed.org/research/epr/forthcoming/0906haug.pdf

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