Unformatted text preview: wealth than they did just three years ago. Easy lending due to homeownership is believed to possibly have triggered the financial crisis. Lending standards slipped dramatically, allowing many Americans to put far too much of their income into paying for their housing, which in turn affected their families and everyday lives. Homeownership also fed American’s overuse of energy and oil and made it more difficult for those who had lost a job to find another, all adding to the already declining situation in our economy....
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- Fall '10
- Economics, three years, $6 trillion, homeownership, Jamie Riedford