Economy USA 2010: From the Scandalous Past to the Uncertain Future


by Prof. Rodrigue Tremblay
The New American Empire
January 6, 2010


“Homes rose markedly in value, especially in hot markets like Florida and New York City. Borrowers believed that home purchases were no-risk ventures certain to escalade, and they went out on a limb to buy. Lenders who had once required large down payments now permitted home purchasers to combine two and three loans to buy a home. People took out what were called “buffetâ€