Timeline
Post
Remote status
Context
2
What actually happened in 2008? (I was young)
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
@Ash_Kvetchum @grey Yes. I know because I (inadvertently) help cause the 2008 global financial meltdown. Quite a dumpster fire. All roads lead back to something Carter called the Community Reinvestment Act (CRA) and a company (that no longer exists) called Novastar Financial that I did IT consulting work for.
Replies
0
No replies yet.