"Arrears on 'prime' mortgages have reached a record 4pc, confounding expectations that middle-class Americans with good credit records would be able to weather the storm.
While sub-prime and close kin 'Alt A' total $2,000bn (£1,019bn) of debt, the prime market in all its forms is roughly $8,000bn. If prime default rates rise on their current trajectory, they could ultimately cause huge financial damage."
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