Subprime Mortgages for AP Stats students

Here is a very basic explanation of what the media is talking about when they talk about "subprime" mortgages and what the effects are. Its Arnold Kling's econ blog. He's a well known economist and he testified before Congress yesterday about the mess. He introduces this post with "Because yesterday's hearing ran so late, I missed my AP stats class. Here is the way I would explain what went on to my students." If your in need of some good basic understanding of the mess, this is a good link. It helped me.