After posting my article about credit this morning (The culture of credit: A story of extremes), I was greeted by another story on the topic when today's New York Times arrived. It was a very good read.
The story suggests that by June of this year, more than five million mortgage holders will be living in a home that is worth 75% of the remaining mortgage against it (that represents roughly 1 in 10 homes); the industry now refers to this condition as, "House Arrest." Click here to see the story.
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