The housing crisis has been at the center of the economic dialogue since the Great Recession began in 2008. But just what is meant by the housing crisis-or mortgage crisis-and how bad is it?
More than two million lost their homes in 2009. Out of 75 million American homeowners, nearly 60 million have seen their home’s value decrease significantly over the past two years. More than 10 million Americans are underwater on their mortgages, meaning they owe more money on their loan than their home is now worth.
Poor planning by banks, the issuing of subprime loans, and a busted housing bubble led to this crisis. Let Vote iQ help you explore this issue, from its complex economic history to its palpable political repercussions.
Financial suicide... less
What is hard to believe is the return of the sub prime that is insane and
Financial suicide...
banks and investment houses have no moral qualms. They deal with the bottom line. If they get into difficulty because of poor financial decisions, then the govt should not prop up their poor more...