Felix Salmon directs us to Aleablog, which digs out a graph from the Federal Reserve's Monetary Policy Report to Congress:
Alea: Subprime “Problems” : Contained: A picture is worth a thousand words. This one comes from the Monetary Policy Report to the Congress. Clearly the so-called subprime problem is limited to subprime-variable rate loans. All others mortgages have deliquency rates below or even well below... the rates seen in 2001/2002.
The composition of mortgages has, however, shifted: there are a lot more subprime adjustable than there used to be. Subprime-variable mortgages are now up to 9% of the outstanding mortgage stock, according to the Fed.
This is a series to watch as ARM resets kick in over the next year.