Unaffordable Housing Quotes



This quotation has more than historical interest. The housing fraud technique of 1906 that Sinclair uncovered in his expose were essentially very similar to those that were used in the beginning of the 21st century on a much larger scale that contributed to the Meltdown of 2008, the Great Recession, and the weak housing industry for the next decade. The major difference is that by 2008, the banks and finance industry had developed ways to also get money from the taxpayer for the housing frauds. The expectation that the home buyer would not be able to keep making the mortgage payments was the key in both centuries.