social4

for a while life was pretty good for the people until The Economic Crisis of 2008. there are a few reasons it happened but the main one was excessive mortgage lending to people who do not qualify to own a home. the reason this was bad is because many people were losing there jobs again the housing market crashed houses were losing up to 40% of their values.
MY MILLION DOLLAR HOUSE IS ONLY WORTH 600K NOW!!!
yo you broke?
the housing crisis overall effected people in a negative way because everyone who owned a home lost a lot of net worth because the prices of the houses got super low investers were not investing in houses that much because they were going down in value so some people couldn't even rent houses the crisis was bad to people who owned prime mortgages because instead they were paying the price of 1M for their home (which was what it was originally worth) for a house that now costs 600k, and Foreclosures rates almost trippled during the crisis
me too that's crazy
yeah
to control the situation the us government had a program called the Troubled Asset Relief Program which was created to stabilize the 2008 financial crisis
we back to the hood...

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