Independent: American dream ends in property market crash

Even now, the ads on television, radio and the internet continue: "Is your credit bad? Don't worry, we'll provide the loan for the home of your dreams ..." What those commercials should, but do not, add is: go through the small print with a toothcomb. Or else you, too, could be swept up in America's subprime mortgage crisis.

Just as in Britain, homeownership is a traditional goal of American society. But as interest rates have climbed and the housing market has slumped, the number of what are politely called "delinquent" loans has soared. And as home repossessions grow, civil rights groups and presidential contenders alike are stepping into the row over the high risk, or subprime, mortgage market.