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A couple of statistics from the housing market was enough for CBS to assign Anthony Mason and NBC to assign George Lewis to each newscast's lead spot. The Mortgage Bankers Association reported that 8% of all loans are not current, the highest percentage since 1985. The Federal Reserve Board found that an average homeowner owns 48% of the value of the house and has borrowed against 52%. Fully 10% of all homeowners own nothing at all, owing more than the property is worth. "Foreclosures are spreading like cancer," Mason worried. "The situation just keeps getting worse," Lewis lamented. ABC mentioned the data in passing but did not assign a reporter to cover them.
NBC had Tom Costello follow up with the next sector of the credit market to get into trouble--college student loans. He warned that a dozen capital-strapped lenders have pulled out of the federal program. He called it "worrisome" as more than 200,000 students may be unable to get financing and be forced to drop out.
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