FHCE 3300 Lecture 8: Housing-Discussion questions for this week

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Financial Planning, Housing and Consumer Economics
FHCE 3300
Kim Skobba

Discussion questions for this week (respond in Reading Quiz 12): 1.What problems did the foreclosure crisis create for neighborhoods and local municipalities? • Graffiti • Vandalism • No one wants to move into the neighborhoods with a lot of foreclosures • People lost trust • Bad backyard swimming pools were happening in California especially • Public health impact from bugs, swimming pools 2.What factors contributed to the housing/mortgage crisis? Give examples from the documentary. • The economy th • September 11 • Retail sales decreasing • Prices were rising faster than people’s income • Inexperienced people were getting into the housing business 3.What was the role of the following “players” in the crisis: -Homebuyers/homeowners -Mortgage loan officers/originators -Investors Include examples from the documentary in your answer. 1. Homebuyers- were buying homes a lot, but once the prices rose they stopped buying. Then eviction started and houses were being foreclosed. A lot of people tried to refinance their homes as well. They were not being smart with their money or their housing choices. 2. Mortgage loan officers-dictate everything, have strict rules and thus a lot of people couldn’t have the ability to have the American dream
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