Learning, Sharing, and Teaching > Reader Recommendations

This is WHY we do what we do, Mustachians!!!

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JGS1980:
Just a reminder to all here why we focus on this stuff...

https://www.thepennyhoarder.com/subprime-mortgage-crisis/

JGS

YoungGranny:
Good reminder - I was in high school when this storm hit and I am forever grateful my Dad was transparent about the tough times because it made me the frugal BA I am today. The lending company told my husband and I we were approved for a $1m loan - we took out $150k ain't nobody got time for history to repeat itself.

JGS1980:
Student Loans were the fire from which my wife and I were forged. Without 250K in initial student debt, we would certainly not be Mustachians today.

I feel for these folks who were slammed repeatedly in small periods of time. Especially the single parents who didn't have another partner to help in case of prolonged economic droughts.

I'm laughing at the loan company approval limits. Same thing happened to us. Meanwhile Credit Cards approve 30K spending limits after a 2 minute internet application...Crazy.

fuzzy math:
That's a really well written article. The website penny hoarder has changed a lot from the fluff garbage they used to spam on FB. frankly I am surprised.

It's interesting that out of all those people, only one couple had the $$ to buy a home again. The traveling musical family also made me cringe. My impression is that people buy their music out of pity rather than pure enjoyment, making it seem more like they're beggars.

OzzieandHarriet:
None of these people seem to have common sense. I feel sorry for them, but damn.

I do understand that they were being sold hard on these loans, and some were outright swindled. But how could you buy a house knowing that you didn't have the money to pay for it?

And then, I bet a lot of them continue to vote for the people who let it all happen and don't care if it happens again.

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