The subprime borrower can hand the keys of the overpriced homes back to the lender and move back into the same apartment complex where they stayed before. Or in many cases they could rent much cheaper homes on the same block than what their morgage would cost even with discounted, teaser rates. I see them more as co-conspirators than victims. Our collective tax and economic policies designed to make home ownership easier for working folks just pushed prices higher and higher. Why are we focused on interest rates at all? Nowadays it's the price of the home with taxes and insurance that needs to come down to earth. 50bps or a whole point isn't going to matter one iota in the solution to this mess.
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