Some background and stats, indicating the sub-prime crisis is not isolated to lower income people.  I can’t help but feel there is more to come on this situation, and Banks losses are understated at this point.

Subprime fallout arrives in the suburbs | FP Passport

According to a study by the nonprofit Urban Institute, high-interests loans were indeed popular in low-income neighborhoods. However, they were much more popular in Fairfax County, which has a median income of $100,318—the highest in the country. Many homeowners there used subprime loans to upgrade to a larger house. In fact, these kinds of loans fueled the McMansion phenomenon.

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