Post by
VersaMG08 »
https://forums.nicoclub.com/versamg08-u97941.html
Fri Feb 06, 2009 2:37 pm
Not just that, people we're receiving home loans they couldn't afford to pay or barely. They were living over their basic needs. People lose or change jobs.
When the housing market can't get monthly payments from these owners, they have end up loosing money and have to foreclose the home and resell at a cheaper price. It's a chain reaction or domino affect, whatever you want to call it. The big part was congress involved with the Fannie & Freddie Mac loans that were offered to numerous people. Also, the news plays a big part of, all the negativity going around makes people not want to spend money like we ought to.
That was a bit off topic, don't want to turn this into a political thread. Anyways, our prayers to you!