A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure
This from the second to the last paragraph:
The only bright spot in the report is the devastation wrought by subprime ARMs appears to be waning. Their 30-day delinquency rate continues to fall and is at the lowest point since the first quarter of 2007.
Good news doesn't get you posted on FR?
This is as expected - the surge of sub-prime paper with two-year resets has largely spent itself.
Now it the time for the Alt-A and Option-ARM paper to start defaulting.