The mom & pop landlords should’ve sold their extra houses that they could barely afford, instead of getting greedy and riding a gravy train of rent that they can’t float for two months.
You should read more articles, Clark. 400 credit scores got houses to live in as their primary residence. Medium and higher credit scores gobbled up extra houses as investments, raised housing prices, ruined housing stock, realized they couldn’t afford them and were the first to foreclose and ruin local markets. It wasn’t the subprime loans, it was more of the normal loans who were trying to make a buck and took too much risk.
The same deal applies for keeping a house you used to live in: hoarding housing stock to make a buck instead of letting someone else own a home, and then crying foul when you can’t pay for two extra months of mortgage. Because you don’t own the house, you were just acting as a middleman to the real owner, the bank (while increasing house costs for everyone else so you could take a cut).
