Sunday, August 17, 2008
The Equity Game
Just as banks have been hit with foreclosures on their mortgages to under qualified first time buyers, they're now facing longtime homeowners who are going "underwater" by maxing out their equity before seeing their once greatest asset decline in value.
The NY Times has detailed the incredible marketing campaign that transformed second Mortgages into more fashionable Home Equity "cash cows." They've now expanded their series on The Debt Trap with an interactive multimedia version their website. Ironically, it's sponsored with a banner ad for Chase.