Next time someone mentions that allowing lower-middle-class people to buy homes was the cause of the mortgage crisis, show them this story from the New York Times.
An excerpt:
"More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic."
The myth has been circulating that extending mortgages to working people was the cause of the mortgage meltdown. It's not the case. For one thing, loans extended under the Community Redevelopment Act have a lower rate of delinquency than higher loans. And those lenders were not permitted to give people sub-prime mortgages, which led the way in the meltdown.
I see that you haven't moved away from the customary crap you wrote before I left for Hopkins three years ago.
You are simply wrong. I know people who work in the housing industry and understand all this stuff. Besides, the New York Times article refers to what's going on now, not then. That article is another blatant example of what Ayn Rand condemns in the media. I'm so glad I read that book.