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Essay / Research Paper Abstract
This 4 page paper discusses the current housing market slump and the effect it has had on children and their schooling. Bibliography lists 2 sources.
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4 pages (~225 words per page)
File: KV32_HVhsmrkt.rtf
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Unformatted sample text from the term paper:
seen them fall in value; and in some cases, dip below the money the owners still owe on them. These effects have been well-documented. But another, less well-recognized effect has
been felt in education, where loss of housing, or inability to find affordable housing, has led to difficulties in finding good educational opportunities for children. Discussion The housing market has
been devastated by the "meltdown" in the financial sector. There are many reasons cited for the crash, but the biggest culprit seems to be the creation of the so-called "sub-prime"
lending market, in which banks made mortgage loans to people who could not qualify for such loans at ordinary rates, but only at sub-prime rates (i.e., below the prime interest
rate). The bankers were making loans, in other words, to people who could not truly afford them, but they did so because the economy seemed strong. The thinking appears to
have been that even though such loans were risky, they were worth making because all these new consumers, who would never have had mortgages on other terms, represented a huge
potential revenue to the banks. The result was that many people who should never have qualified for a mortgage got one, then found that they couldnt keep up the
payments and defaulted on the loan. In many cases, they were brought into the home buyers market on a adjustable rate mortgage, which offered a low initial rate but then
"reset" a few months or years later to a much higher rate, which they could not afford. The result of the bad loans, coupled with an increasing unemployment rate, resulted
in a wide-spread downturn in the housing market. People lost their homes, either because they couldnt pay the mortgage outright, or because it reset and they couldnt handle the larger
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