The Housing and Economic Recovery Act of 2008 mandated the U.S. Department of Housing and Urban Development (HUD) to produce a report on the root causes of the housing market crisis. The report also outlined actions that should be taken to avoid another housing crisis in the future. Various factors are to blame, but do they abolish the consumer’s idea of what happened?

The general public feels the housing crisis began because too many loans were given to too many people that couldn’t afford their mortgage payments. Home loans were created with adjustable rates and promises to hold off payments for 2 years, giving consumers false hopes that their homes would more affordable in the future. When the future came, those people were unable to make payments and foreclosures spread across the nation like a wildfire.

Full story is available on Huliq News