Such a downer.
Analysts at Credit Suisse Group estimate more than 30 percent of borrowers with subprime adjustable-rate mortgages are behind on their payments before their loans reset higher and 775,000 homes with $143 billion of mortgage debt will go into foreclosure through the middle of 2009. The forecast was made before Paulson's plan was disclosed.
``It'll be the biggest housing recession we've known,'' said Allen Sinai, chief global economist at New York-based Decision Economics Inc. ``Even if we figure this part of it out, we are not through it.''
