New Boston Fed Working Paper: Subprime Loans 6 Times More Likely to End In Forecloure.

HERE.
Quoting from the paper summary:
"First, homeownerships that begin with a sub prime purchase mortgage end up in foreclosure almost 20 percent of the time, or more than 6 times as often as experiences that begin with prime purchase mortgages. Second, house price appreciation plays a dominant role in generating foreclosures. In fact, we attribute most of the dramatic rise in Massachusetts foreclosures during 2006 and 2007 to the decline in house prices that began in the summer of 2005."