Mortgages were only just invented during the Great Depression. Before then, the down payments were 50% with five year loan terms. Most Americans were renters. We have The New Deal to thank for home ownership. It was the New Deal which authorized Freddie Mac and Fannie Mae which gave us the 30 year mortgages. My point is this: If we were able to so change the economic reality of regular Americans then, why cant we do so now? The first step is to break up the mega banks! Georgianna Parisi
Posted on: Thu, 16 Jan 2014 02:12:15 +0000
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