The Economy

[DJD]

I read that article and it's from July 8th 2010. The housing crash didn't just happen and as the article states it started in working class and is now striking the upper class. Interesting that it never mentioned low income? I guess noone in that bracket defaulted on loans?

My point was and I believe we all saw it when it happened that when the housing bubble popped years ago people lost their shirts and jobs.

My thought would be that a person making less money and getting into a loan they couldn't really afford would default much quicker than a rich person who could hang on for years and I think that article supports that.

I guess I read that article different than you?

[pontooner]

I read that article and it's from July 8th 2010. The housing crash didn't just happen and as the article states it started in working class and is now striking the upper class. Interesting that it never mentioned low income? I guess noone in that bracket defaulted on loans?

You were the one that said "getting low income/poverty folks loans for houses" caused the problem, I was just pointing out that it went beyond that. Again just lots of people living beyond their means.

My point was and I believe we all saw it when it happened that when the housing bubble popped years ago people lost their shirts and jobs.

My thought would be that a person making less money and getting into a loan they couldn't really afford would default much quicker than a rich person who could hang on for years and I think that article supports that.

I guess I read that article different than you?

I would hope someone making enough $$$$ to afford a million dollar plus home could hold on to the home a littler longer but in the end some were just cutting them loose and moving on where as your average home owner would fight tooth and nail to save their home because losing it would be devastating.