Subprime mortgages with balloon payments were offered disproportionately to Black Americans, even when they qualified for more traditional mortgages, eventually leading to the 2008 housing crisis. True or False?

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24-11-2022
Social Studies

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Subprime mortgages with balloon payments were offered disproportionately to Black Americans, even when they qualified for more traditional mortgages, eventually leading to the 2008 housing crisis. True or False?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-11-27T06:27:46+01:00

Subprime mortgages with balloon payments were offered disproportionately to Black Americans, even when they qualified for more traditional mortgages, eventually leading to the 2008 housing crisis. This statement is true.

When it came to subprime mortgages, lenders also assumed higher risks by issuing loans to applicants with bad credit, no assets, and—occasionally—no income. Lenders bundled these mortgages into mortgage-backed securities (MBS), which were then offered to investors in exchange for regular income payments akin to bond coupon payments.

But in the summer of 2005, consumer demand propelled the housing bubble to record highs, which ultimately burst the following summer. The subprime mortgage crisis had negative effects on the global economy as well as homeowners, and it caused the Great Recession, which lasted from 2007 to 2009.

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