Goodbye to easy money.
Hello to easier money.
It wasn’t so much low interest rates that did this. It was the relaxing of lending rules - mandated by the federal government - to make easier for people with poor credit and no money to qualify... Basically to give loans to people with sub prime credit and with virtually no money down. Suddenly just about everyone qualified for a home loan... This was all to get “minorities” into a house so said the politicians. Well they succeeded... At least in the short term... Too bad they failed to see the obvious consequences...