Although just about anyone could get a mortgage loan during the mortgage boom through subprime mortgages and other “creative lending” practices, the smoke and mirrors eventually cleared up to show that these lending practices were no more than “risky lending”. The reality learned was that if someone didn’t qualify for a home using traditional, sound lending practices, then they likely shouldn’t be given the loan. The mortgage meltdown also provided an opportunity for new, first-time home buyers to enter the real estate market as home prices were no longer over-inflated. Although the negative effects of the mortgage meltdown were felt throughout our country for several years, the lessons learned about lending practices were invaluable and opportunities for new families were created. The mortgage meltdown was just another chance for learning the hard reality of American held values, greed and
Although just about anyone could get a mortgage loan during the mortgage boom through subprime mortgages and other “creative lending” practices, the smoke and mirrors eventually cleared up to show that these lending practices were no more than “risky lending”. The reality learned was that if someone didn’t qualify for a home using traditional, sound lending practices, then they likely shouldn’t be given the loan. The mortgage meltdown also provided an opportunity for new, first-time home buyers to enter the real estate market as home prices were no longer over-inflated. Although the negative effects of the mortgage meltdown were felt throughout our country for several years, the lessons learned about lending practices were invaluable and opportunities for new families were created. The mortgage meltdown was just another chance for learning the hard reality of American held values, greed and