Rigby5
Diamond Member
Holy shit. You just disproved your own claim.
Unless you think all mortgages reset in the same month.
View attachment 556313
Federal Reserve Economic Data | FRED | St. Louis Fed
Download, graph, and track 824,000 economic time series from 114 sources.fred.stlouisfed.org
Wrong.
Your graph shows the LIBOR spike as well, and once some rates increased unrealistically high, then the defaults cascaded, causing a recession that put the mortgages that were not being recalculated into default as well, because their jobs disappeared.
Eventually some home buyers defaulted on their mortgage simply because they could buy other properties that had already defaulted, for much less than they were paying.