Mortgage Crisis Going Prime

[jeffrey]

The credit crisis is no longer just a subprime mortgage problem.

As home prices fall and banks tighten lending standards, people with good, or prime, credit histories are falling behind on their payments for home loans, auto loans and credit cards at a quickening pace, according to industry data and economists.

http://www.nytimes.com/2008/02/12/bu...=1&oref=slogin

[SpiderPig74]

I couldn't agree more.

There is a similar situation in the UK where house prices have inflated at more than double the rate of wage rises. People are mortgaged up to the hilt & soon, when prices fall, there's going to be trouble.