REAL ESTATE: The No-No-Down

Are U.S. homeowners getting in over their heads on mortgage debt? At a meeting of the savings and mortgage division of the American Bankers Association in Manhattan last week, a group of the nation's top mortgage experts thought the answer was yes. Some bankers' facts were laid on the table by Homer J. Livingston, president of the A.B.A. and of the First National Bank of Chicago. The facts: 1) mortgage debt soared from $19 billion in 1945 to $75.6 billion at 1954's end, is still climbing, 2) the U.S. is building at the...

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