Here is an article
on how similar today’s housing crunch is to the housing recession of the early 1990s. So why were lenders letting people borrow like crazy in the last few years, why could developers build unchecked and why did the government not put the brakes on anything? The interest rate hikes did little to slow down the mortgage market for over 1 year except for the adjustable rate loan and they just put different programs in place. If they, who intrude into our lives in many insignicant ways such as regulating smoking, had overseen some of the lending practices, maybe there would have been a softer landing of the housing market. Trust me, I think smoking is healthier than the stress many people are facing with foreclosures, losing equity, losing investments, jobs and so on.