Thanks for the info! This reinforces my opinion that we are just going through the warm-up phase of this correction. I’m putting the peak of the defaults at about a year from now (six months past the peak of ARM resets), which I think is going to trigger a second wave of ‘voluntary’ defaults. If its a couple owning a home I can see one of them absorbing the foreclosure/bad credit and the other closing on a new, much cheaper house.
