We’re goin off the rails on

[svelte]

We’re goin off the rails on this crazy train.

That’s not the figure that caught my eye the most…it was this one:

Clayton reported that subprime first lien average loss severity increased to 45.80 percent in February, up from 42.56 percent in January

Lenders are getting back only about 54 cents on the dollar when taking back a subprime home! (if I read that right)