Lol, no not when compounded.
Give it another go.
EDIT: Two variables I'm missing to get a complete picture is what the average down payment rate was in the US, in say 04 and what people were paying monthly on the subprime mortgages.
There would not be any compounding because the amount of the note is continually decreasing.
Take 100,000 at 10% and you have 300,000 dollars after 30 years if you pay the full interest rate for every year. However, the payments keep decreasing the principal until after the 30 years the entire sum is paid. So I just divide the interest in half for the full time because theoretically by the mid point of the loan you are only paying 1/2 the interest you were in the beginning of the loan.
My math is wrong for some reason. I just went on the internet and quickly located the first free loan calculator available. It appears you would pay about 315,000 for the house over 30 years with 215,000 of that being interest. Anyone stupid enough to do this deserves what they get. Within 5 years of the loan origination almost anyone would be able to refinance with a good payment history, by 7 years nothing should remain of previous credit issues.
You will pay mortgage insurance if you put down less than 20% downpayment on a house but you can get deals that had ridiculous initial payments, sometimes like 2% of the value of the loan and even some without an initial payment.