Saturday, December 08, 2007

Home Price Drop Biggest in 25 Years

Declining home prices have triggered a crisis in mortgage lending by revealing weaknesses across hundreds of thousands of loans made through the U.S. housing boom. Loans made to risky, subprime borrowers and those that required no equity from the borrower have led to soaring defaults, leading lawmakers and the Bush administration to pursue various efforts to stall resulting foreclosures.