Don't panic
I'm not convinced that our economic growth is being driven mostly by equity credit, but that's another subject.
As of last March, foreclosures were running at about half a percent of all loans (not just subprime ones). If every subprime mortgage where there have been late payments went to foreclosure (not likely), that could go as high as 2 or 3 percent.
This "crisis" is being sold to us by people who want panic. Remember, split the actual numbers away from the speculation and predictions.