Today there is a frequent refrain that the subprime collapse came as a surprise. We contend that, on the contrary, many saw it coming. Starting in the 1990s, there were white papers by consumer organizations and articles in newspapers about abuses in the subprime market. Consumer advocates...

A map showing ZIP code level median Fair Isaac Corporation (FICO) credit scores at mortgage origination for those borrowers who are delinquent 60 days or more as of April 2010.