errrr...
$3.6T / 300MM = $12K per person < $4MM (by a lot!)
More than subprime mortgages, however, Alt-A mortgages are infected, as are some prime mortgages as equity values in homes go negative and people are less incentivized to pay back the loans, commercial real estate disasters, leveraged loans used to finance LBOs remain on bank balance sheets after they failed to find buyers, along with a host of other crap. The infection has been quite virulent.
I sit corrected. (All those zeroes must have made me dizzy)
Thanks
All they need to do is pass a law making mortgage debt not dischargeable in bankruptcy. You can walk away from your negative equity or stay and pay it off but you will pay it if it takes you the rest of your life.