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Is the American Dream causes mortgage crisis? 10 points for the best advice. Thank you?
Posted on October 11th, 2010 3 comments
Hope asked:
I know there are various reasons that lead to the current mortgage crisis such as the banks, the loans, the economics, the government.Why noone talk about the American Dream:
I happened to know many people whose income can hardly afford 2 bed rooms apartment, but bought 5 bed rooms house. Guess, what happened–they lost their houses.
AllenPersonal Finance Advice, American Dream, American Mortgage, Apartment, Banks, Bed Rooms, Current Mortgage, Economics, Guess, Lead Mortgage, Loans, Mortgage Points3 responses to “Is the American Dream causes mortgage crisis? 10 points for the best advice. Thank you?”
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The American Dream no…people being stupid yes. They believed that they could afford a 500,000 dollar house on under 50,000 a yr income=stupid
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cbmttek October 14th, 2010 at 19:37
If the American dream is to do incredibly stupid things with your finances and credit, then you are probably right.
Banks and mortgage brokers were contributors, but in reality it was people’s own greed and stupidity that was the main cause.
Greed because they took everything they could without taking a serious look at their finance and ability to pay the loan off, and stupidity for the same reasons.
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Deo Vindice October 16th, 2010 at 03:59
More like American Greed and Americans being inclined to over spend. It’s prevalent in every aspect of our life here in the states. Credit cards will be the next thing that people can not afford to pay…..
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mommeof3 October 14th, 2010 at 03:14