Some of the “most households have lots of equity” comments are based on looking at analysis of 1st mortgages only
The more accurate statement would be “if you ignore 2nd mortgages and HELOC, most households have lots of equity”
This might be OK if only a few people had 2nds and HELOCs
When MOST people (speculators and subprime) are using 2nds and HELOCs it is less than truthful to make statements based on analysis of only 1st mortgages
Its almost like the Chairman of the Federal Reserve (a private corporation with its own agenda) was intentionally lying to the people of America …
