Around ‘08 people that had no business getting home loans got ‘em and then couldn’t or wouldn’t fulfill their end of the deal ......”you mean I gotta pay a mortgage?????.....every month????”
Some people just shouldn’t own a home....that’s why apartments were invented.
That’s not really the way it went down… it was the 5 year ARMs. So those who bought at overinflated prices between 2004-2008 suddenly saw their $800 mortgage double. Not many people can afford a doubling of their mortgage payment. If they could, they would not have been in an ARM to start with.