Part II - Some Housing bubble detail

This link provides the kind of detail that the main stream press buries http://www.marketoracle.co.uk/Article795.html
Two excerpts are of outstanding importance:
1. "There are roughly 75 million housing units in the USA. About 25 million of those homes are owned free and clear. That leaves 50 million homeowners with sharing (roughly) $10 trillion in total mortgage debt. The risk of “resets” (that is, monthly payments that will go up after the introductory period of time) will affect 75% of all mortgages. (Some reports have already indicated that 80% of sub-prime mortgage holders have said that they will have difficulty paying the newly-adjusted payments)."
2."Of the 50 million or so active mortgages, it's estimated that only 12 million are “risk free,” that is, conventional loans with 20% down and a fixed rate."