Chris Kissell has a great headline over his story that only 26% of homeowners don’t know what kind of mortgage they have, down from 34% a year ago: "Americans less clueless". But there’s also a silver lining to this cluelessness — and to the fact that 62% of homeowners believe their home’s value has increased or stayed the same in the past year.
If you’re a distressed homeowner, you will know what kind of mortgage you have, and you will know that your house has fallen in value. The fact that so many people are unaware of these things is good news: it means that they’re not distressed.
Or maybe it just means that the mortgage crisis is still in its very early days.