Not that this is breaking news these days, but still, when 1 out of 11 mortgages are in serious trouble, you just cannot ignore it anymore. You may not have mortgage payment problems, or you may live in rent-controlled housing, but you're going to get zinged by this housing crisis, one way or the other. That subprime line on the graph below of course will eventually come back down, but the damage it's causing on its way up will take years to overcome.