Foreword
Owning a home has traditionally been considered part of the "American Dream," but houses are expensive and most people need to borrow money to buy one. At the beginning of the twenty-first century, mortgage interest rates were low and housing prices were increasing steadily, so homeownership seemed like a good investment. Banks offered easy access to money, and even people with poor credit could qualify for subprime loans. Many homeowners refinanced and took second mortgages to get cash out of their homes’ equity and then use the money to maintain a standard of living while wages remained stagnant.Starting in 2006,…
