The New York Fed on a roll today. This time discussing the nebulous question of how many subprime borrowers have any equity at all in their house. Seeing how the GSEs are going batshit over providing 125% LTV refi options, the Fed could have probably saved $100k in taxpayer money for very unnecessary research and concluded that the answer is "Lots." However, as your money is at work here, it makes sense to at least share the work product.

And, if one were inclined to read the whole paper, the answer is indeed "Lots."