[vba616]

>that requires capital - more than the average owner really has access too

It sounds odd to my ear to matter-of-factly state that the US is deprived due to being capital-poor.

I mean, I'm not disputing anything specific, but where do middle-class people have better access to consumer finance than the US?

If you'd asked me what single fact represents American homeowners to people interested in economics around the world, I would've guessed it's the access to 30-year fixed rate mortgages.

As far as I know this is a deliberate policy in the US, that has not been emulated by those envious of the American economy, but why I haven't a clue.

[bobthepanda]

Insuring all those fixed rate mortgages is very expensive. The US has never actually had to do so, the closest being the 2008 Fannie Mae and Freddie Mac recapitalizations which cost $238B in loans that were finally paid off in 2022.

In Europe a lot of the government fiscal crises were a result of small countries having to backstop giant cross border banks that happened to be headquartered there, and there is little appetite for tighter fiscal union.

[datascienced]

Who is on the losing side of interest rates going up while 30 year fixers are presumably paying something like 2%?