From a fixed-income point of view, which I'm looking at, it's a little bit disappointing. We have seen the bottom on longer-term rates; everybody is assuming this may be the end of this party.

[Equity might have been the only thing preventing foreclosure a decade ago, said Hsieh, but these days most borrowers understand the importance of maintaining their credit score.] Studies show that if you're a credit worthy borrower, you will do everything in your power to keep your credit high, ... That in itself is skin in the game.

We've seen a dramatic pickup in these loans since rates starting going up,

If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there, doing nothing.

We love debt in America more so than any other country.

Over the last five years, credit scores have been refined to the point where they are now one of the most important factors for lenders.