The American Homebuyer

While mortgage lenders and brokers were indeed found to have engaged in deceptive and fraudulent lending practices, the fact remains that it takes two parties to enter into a contract. During the boom years, many home buyers were unable to look beyond the words "low introductory rate" to see the actual potential for their monthly payments to skyrocket in future periods. Others worked on the Panglossian assumption that real estate values would continue their upward march in perpetuity—and that their home equity would fatten as well. "Flip this house" indeed.

Big Wheel or Small Cog? Individually, Small Cogs, but collectively, a Big Wheel