Subprime loans catching the heat for housing market problems was so 2007. This year’s financing poster child for excess and irresponsible lending, according to BusinessWeek: the home-equity loan.

In fact, the magazine has dubbed what’s to come “the home equity crisis.” Overblown?

Here’s what the magazine has to say:

Buoyed by rising prices, borrowers increasingly tapped into the equity on their properties to finance a new car, renovations, or even a down payment, making equity a key source of consumers' strength. But with the housing market in disarray and prices plunging, the business of home-equity lending is souring. At least $14.7 billion in loans and lines of credit were already delinquent through the end of September—the highest level in a decade. "After subprime, home-equity lending is the biggest problem the industry has right now," says analyst Frederick Cannon of Keefe, Bruyette & Woods.

What's more, there's little that can be done to prevent the pain from the deterioration of this $850 billion market. A lender on a mortgage has the first claim on the underlying property. In the case of foreclosure, it can sell the property and recoup some money. The bank with the home-equity piece has no such collateral and is usually out the money. "The home-equity lender is going to get hosed," says Amy Crews Cutts, deputy chief economist at mortgage giant Freddie Mac (FRE).

The full story goes on to label some home-equity loans “toxic” but ones that were made with confidence during the boom because prices were rising so rapidly.

Like many of the other factors, such as diving prices and swelling inventory, that are far worse in markets elsewhere, I’m guessing difficulties associated with home-equity financing won't be nearly as severe here as elsewhere. But just like other national problems, issues with home-equity loans today could impact your ability to get one down the road. Any thoughts?