The 2008 Financial Crisis (in the US)
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At which time period were more citizens (with or without bad credit) able to take out loans?
In the 2000s
Why was it hard to take a loan out originally?
Because lenders didn’t want to take the risk of a person with bad credit or unsustainable job “defaulting” on the loan.
What do we call a situation when a person can no longer pay their mortgage? What is the definition of this concept?
Default – when a debtor is unable to meet the legal obligations of debt repayment.
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