Is the American Dream causes mortgage crisis? 10 points for the best advice. Thank you?
by Mortgage Rates on Saturday, October 30th, 2010 | 3 Comments
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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
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.
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…..