Yong Social Finance

  There was a time people thought buying houses was basically free money. Banks were giving out home loans like: “YOU get a mortgage.” “YOU get a mortgage.” “EVERYBODY gets a mortgage.” 💀 Good credit? Cool. Bad credit? Eh… still fine. No stable income? We ball 😭 And for a while? It actually looked genius. House prices kept going up. People kept getting richer. Banks kept making billions. The money machine was going CRAZY. Then the whole thing exploded. So What Actually Happened? 👀 Back in the early 2000s, banks in the got way too comfortable. They started giving risky house loans to people who honestly could barely afford them. These were called: subprime mortgages But nobody cared because everybody thought: “House prices NEVER go down.” Huge mistake 💀 The Problem Started Quietly… At first, people were paying their mortgages normally. Then interest rates started rising. Suddenly monthly payments became: ABSOLUTELY DISGUSTING 😭 People started mis...