Mortgage Defaults: Latest Woe For Housing (Cont'd)

"It's not like subprime loans are going to go away completely -- it won't be anything that drastic," said George. "But I think there is going to be an impact on home purchases, even if it's hard to quantify at the moment. In the past few years there's been an explosion in mortgage credit. It makes sense there would be some retrenchment."
Mike Fratantoni, senior economist with the Mortgage Bankers Association, said there