NEW YORK (Reuters) – About one in every eight U.S. households, a record share, ended 2008 behind on their mortgage payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday.
You have distorted the facts with the headline. 1 in 8 households are NOT late on their payments. That ratio applies to home owners THAT HAVE MORTGAGES. Your headline is alarmist and inaccurate.
Several readers objected to this headline, which we subsequently changed for clarification: GBU Editor