As one of the earlier posts in this thread points out....the percent that is in default, foreclosure, et al is significantly over shadowed by the majority (85++%) that are legit and ongoing day in and day out.
If one could get a handle on the real number of speculators who got in, exploited the system's loose screening, then walked away from deals, I would venture to GUESS, the real foreclosures, bad loans, et al would be even lower.
There were those who were taking advantage of the system to build multiple homes, over reaching their capability when the bubble burst. Add to that the folks who are standing pat waiting to see what hand outs are coming...the ones who stop paying their mortgages, because of the new tolerances for non payment and the prospect of a bail out by somebody....breeds even more exploitation. These walk aways, and wait and see non payers distort the real measure of REAL foreclosures in the US.
It is a small % to start with.....smaller still if the real measure could be determined.
Like all other media and political views, the smaller % is the focus. They have a way of making a banquet out of a ham sandwich.

The mortgage default exploitation is no different than the price of oil exploitation by speculators.....as was said above....just follow the money!

BTK