I didnt think about this last night, too tired. It hit me this morning.

“As of the end of December, Countrywide had nearly $29 billion in pay-option loans, with about $26 billion of the total having grown beyond their original loan amount, the company said in a filing late Friday with the Securities and Exchange Commission.”

Perhaps I am doing my math incorrectly, but doesnt 71% not even paying the interest not jive with the above. How in the world, are only 71% neg-aming when ~90% of the total value is higher than the original loans? Either they are not counting those that are defaulting, or the smallest loans are doing ok, and everyone else is falling off a cliff. Am I missing something? Doing my math wrong? I was up way to late last night and just have to suspect me not getting it.
I wonder what those loan to value ratios look like now with todays appraisals.