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Article: The next credit crisis: U.S. home equity loans Lenders take harder line as losses rise
- Article from:
- International Herald Tribune
- Article date:
- March 28, 2008
- Author:
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Vikas Bajaj The New York Times Media Group
International Herald Tribune
03-28-2008
The next credit crisis: U.S. home equity loans Lenders take harder line as losses rise
Byline: Vikas Bajaj The New York Times Media Group
Edition: 1
Section: FINANCE/BUSINESS
Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed - sometimes heavily - against the roofs over their heads.
Now the bill is coming due. As the U.S. housing market spirals downward, home equity loans, which turn home sweet home into cash sweet cash, are becoming the next flash point in the mortgage crisis.
Americans owe a staggering $1.1 trillion on home equity ...
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