Range of Mortgage Crisis Impact Widens

The falling prices of homes and the tightening lending standards of banks have created a problem that extends beyond subprime mortgages. An article in the New York Times described homeowners with good, or even great, credit histories as falling behind on payments of all types, such as auto loans and credit cards, as well as on their homes. Thus, prime delinquencies can be seen rising up on all fronts, although none are as large as those seen directly in the subprime market. The fact is that all borrowers have been impacted by the collapse in the housing market, the impact of which has spread like a domino effect to lead to greater financial stress for individuals with responsibility for any payment type.

For more information on the effects of the housing market, please visit: http://www.nytimes.com/2008/02/12/business/12credit.html?_r=1&th&emc=th&oref=slogin