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A big part of the problem was that once the sub-prime mortgage gained acceptance, the principle of the thing moved up the economic ladder. Before this, someone making (handwave) $15K per year would not have gotten a mortgage on a house costing (handwave) $150k. But after sub-prime, they could. But that meant that someone making $150K would now be able to get a sub-prime mortgage for a $1.5M house that they shouldn't augghta got. And so the demand that po' foke get houses beyond their means meant that middle classers got houses beyond their means, and upper classers got mansions beyond their means. "For the common good" screwed us all.
A big part of the problem was that once the sub-prime mortgage gained acceptance, the principle of the thing moved up the economic ladder. Before this, someone making (handwave) $15K per year would not have gotten a mortgage on a house costing (handwave) $150k. But after sub-prime, they could. But that meant that someone making $150K would now be able to get a sub-prime mortgage for a $1.5M house that they shouldn't augghta got. And so the demand that po' foke get houses beyond their means meant that middle classers got houses beyond their means, and upper classers got mansions beyond their means.
"For the common good" screwed us all.
