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the government encourage home ownership for lower income people by providing access to government insured loans, evenfor those who could not put down a lotof money in front. The private .market went crazy encouraging people to purchase houses, with no or low down payments that they could not afford. The private industry (from the real estate agents, who preferred to get their 7% commission on $250,000 than on $150,000, to the mortgage broker who also preferred to get that higher commission, and had nothing to lose, personally,if the home buyers couldn't keep up with the mortgage payment!, and the banks who didn't care whether or not the criteria used to qualify for the mortgage were not sound, because they already knew they would "package" the mortgage in a pool of mortgage, and sell it to investors, thus covering their losses!) was the real driver of this debacle.
the government encourage home ownership for lower income people by providing access to government insured loans, evenfor those who could not put down a lotof money in front. The private .market went crazy encouraging people to purchase houses, with no or low down payments that they could not afford.
The private industry (from the real estate agents, who preferred to get their 7% commission on $250,000 than on $150,000, to the mortgage broker who also preferred to get that higher commission, and had nothing to lose, personally,if the home buyers couldn't keep up with the mortgage payment!, and the banks who didn't care whether or not the criteria used to qualify for the mortgage were not sound, because they already knew they would "package" the mortgage in a pool of mortgage, and sell it to investors, thus covering their losses!) was the real driver of this debacle.
