Why Did 10 Million Americans Lose Their Homes After The 2008 Financial Crisis?
Posted by EuphoricAd68
Why Did 10 Million Americans Lose Their Homes After The 2008 Financial Crisis?
Posted by EuphoricAd68
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According to: investopedia.com- In many ways, the American Dream is a concept of optimism. It implies equal opportunity and that any individual can aspire to financial stability and even superior wealth—regardless of their background—through hard work, entrepreneurial ventures, or other means. A large component of financial stability and the American Dream is owning your own home. The Great Recession and the ensuing housing collapse in 2008 cast doubt on the so-called “American Dream.” The economic crisis precipitated by the 2020 lockdowns and job losses didn’t help.
They were upside down on their mortgage. Basically they bought houses that were too expensive for them and the banks looked the other way to make money. Then the bank took bundles of mortgages and sold them on the open market. When the housing bubble popped you had a ton of people who couldn’t pay their mortgage, and it tanked the stock market for a few years.
The smart money bought up those stocks when they were beaten down, like banks and made incredible profits.
In shadows deep, with caps so small,
They swiped the homes, ten million fall.
Two trillion gone, in vengeance cold,
For six million they mourn, or so we’re told.
They were given home loans that they were not capable of keeping up on, which was known by the lender and used as a way for the lender to try to make money, even if it backfired. Maybe a conspiracy twenty years ago, but these days it’s pretty well known.