Jameni!
If your mortgage rate rises from 14% to 20% you will see more defaults as it gets harder for folks to service the Loans especially in these tough times!
I am not bullish as long as rates remain high. Short-term good for HFCK but if rates do not drop soon then the defaults will start and accelerate.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett