And constantly have to pay that monthly rent till they die. Many are happy with that.
or burdened with being poor, that & have no choice,
or they are on welfare &/or they are section 8, they don't qualify
&/or on the govt. dole/subsidies for life, more govt. cash
we paid it for them...
or no $$$ saved, because the economy sucks *** for poor shitty dwellers
expensive to live in that concrete jungle, living like
lab rats
on the
big new deal (it started with FDR, then Truman) "big experiment"
to get everyone to own a house, after the war, more taxes for the county & state
(the people were different then)
It took years/decades to get the banking/loan regs changed
because it
was not right, actualy it was stupid ****,
they/Banks were left out on the limb
or buyers "
many not able to get enough equity/cash to have 20% down",
to "
actually have some $$ skin in the game", to protect both parties
& 20% down not have to pay PMI's (Property mortgage Insurance)
or to have their payments,
'to add up to, less than 38% of your net income'
IIRC
(
family niece, nephew, older sister/her 2 kids, all in the Mortgage brokerage business,
none of them are today either, all lost their asses, walked away, 2007-09)
It's not 1993 "
where everyone should be able to own a house",
the rules were changed, the banks were stupid & left unprotected (eventually)
thanks
Slick Willy...
took about 10 years of
that **** to blow up in their proverbial faces
Some people are destined to be renters,
some are destined to be landlords or owners with income
(
unless you were in the military now, GI Bill with 0% down,
good thing, they earned it)
They cried/yelled it from the roof tops,
for about 10-15 years, under both leaderships
& doubled down in Jan 2009,
after too big too fail, completely & utterly "FAILED
we bailed them all out, our taxes paid for it
& that's when the predatory loans were prevailing too
Come on down, we'll give ya
0% down, $250k house
$0 down & no closing or real estate costs,
hell we'll carry them in the loan too (triple that cost, in the term of the loan)
don't worry everyone deserves
'to own a home' 
no matter if they can
'actually afford it or not' 
& then a huge %15-20% balloon payment in 5 or 10 years
the people signed up for, that they will never be able to afford,
& foreclosures were all over the place/rampant...
some got in at 5% down & did well too, they paid their mortgage
some had to refinance some 10 or years later too
not all but some
Wallys $1.25
