Look for housing to rescue the economy, Nothaft says
The housing industry got a bad reputation the last time the American economy tanked.
Not the houses themselves – most of them are still in place, perhaps painted a time or two since 2008, now being used to home-school children and provide families with shelter from the worst pandemic in more than a century.
It was, specifically, a risky sub-sector of home financing – subprime loans – that got packaged into bonds, stamped with Triple-A ratings and sold at huge profits to investors including pension funds and Wall Street banks. When banks started failing, it pushed the nation’s financial system to the brink.
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