So if 8.05% have defaulted then almost 92% are being paid on time. I'd call that the vast majority. Even accounting for delinquencies, it's still over 80%.
A huge part of the problem is the
fraud committed by the ratings agencies. An "AAA" rating is supposed to be equivalent to "can pay as well as the US government". Problem is, that's not the case anymore. People, even ordinary people, who have cash in the financial system which is invested in bonds (this includes 401ks, many stock portfolios, bonds, and ordinary bank depositors whose banks hold "AAA" paper, which is just about EVERYONE) are holding the bag on this one whether they know it or not.
A bond sold by Deutsche Bank AG in May 2006 is AAA at both companies even though 43 percent of the underlying mortgages are delinquent.
Got that? An "AAA" bond whose sole source of funds for investors who bought "AAA" paper is
43% delinquent. Does that sound as though the bond will hold face value as long as the US government exists? How are investors supposed to know which bonds are good and which are trash? Well, check the rating... oh, wait, can't, because of
fraud like this! The reason for all the turmoil is because
no one knows where all the crap is, no one wants to get caught holding it, and the ones that are holding the bag are keeping their lips sealed tight!