One-a-days

Via Steve Dekorte, mortgage lenders in August so far are failing at an average of one per day...

Again the question is raised, who will be refinancing the trillion dollars of mortgage resets over the next year?

Also...

...approximately $500 billion of adjustable rate mortgages are scheduled to reset skyward in 2007 by an average of over 200 basis points. 2008 holds even more surprises with nearly $700 billion ARMS subject to reset, nearly 3/4 of which are subprimes.

Ah, it'll blow over. ;-/