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Submission + - Bad Math Skills Lead to Bad Mortgages (economist.com) 2

James Cho writes: "Not all subprime borrowers are alike. While all having poor credit histories, the Economist reports that those who failed a simple arithmetic test defaulted at rate much higher than that of test-passing borrowers. The results come from a working paper by the Federal Reserve Bank of Atlanta: 'Foreclosure starts are approximately two-thirds lower in the group with the highest measured level of numerical ability compared with the group with the lowest measured level,' quantifying the problem of public innumeracy."

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"Consistency requires you to be as ignorant today as you were a year ago." -- Bernard Berenson

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