But this doesn't line up to me, unless there were real estate companies and banks eager to unload their houses? I didn't think there was an excess of housing built that needed to be sold, but I could be wrong, because that would have pushed prices down. I thought the key failure was people being unable to pay their mortgages, and a bunch of financial products built off of expecting people to pay their mortgages, and ratings agencies giving incorrect ratings for those subprime mortgages.
The only connection I can see is people making dumb financial decisions, which is why a rubber stamp for subprime led to a ton of people defaulting. Houses don't really have the same faults as PT Cruisers.
Ugh, kill me.
But this doesn't line up to me, unless there were real estate companies and banks eager to unload their houses? I didn't think there was an excess of housing built that needed to be sold, but I could be wrong, because that would have pushed prices down. I thought the key failure was people being unable to pay their mortgages, and a bunch of financial products built off of expecting people to pay their mortgages, and ratings agencies giving incorrect ratings for those subprime mortgages.
The only connection I can see is people making dumb financial decisions, which is why a rubber stamp for subprime led to a ton of people defaulting. Houses don't really have the same faults as PT Cruisers.