Prime Angst: The Ricochet Effect

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We’ve been reading woeful articles about the subprime mortgage mess for more than a year now, but it was just the prelude to a much larger global disaster. As New Yorker columnist James Surowiecki put it in April, “The subprime crisis was an earthquake that caused a tsunami: The quake has done plenty of damage on its own, but the tsunami looks set to do even more.”

The U.S. is already in the throes not just of the subprime crisis but a related, and scarier, “prime crisis,” in which borrowers with good credit and traditional, 30-year fixed-rate mortgages — and even people who own their homes outright — are also feeling the pinch.

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