An interesting look at the home equity loan bubble

The New York Times offers a snap history of home equity loans, which used to be known as second mortgages, via the many memorable ads the banking industry churned out. Citigroup's "Live Richly" campaign, which cost some $1 billion from 2001 to 2006, was among the many that urged people to borrow against their homes. As one ad proclaimed: "There's got to be at least $25,000 hidden in your house. We can help you find it." A PNC ad used a wheelbarrow and the line, the "easiest way to haul money out of your house." At some point, debt lost its stigma. Being in debt up to your eyeballs was seen as a decent strategy, as long as you were fully invested in the booming stock market. The number of past due home equity borrowers is now 55 percent above the historical mean.  

For more:
- here's the article  
- here's the ads

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