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>The illegal, inflated property tax assessments resulted in an estimated 100,000 Detroiters, most of them Black, losing their homes to foreclosure. Should be "

>The illegal, inflated property tax assessments resulted in an estimated 100,000 Detroiters, most of them Black, losing their homes to foreclosure. Should be "contributed to," not "resulted in." Many lower income Americans saw their dream of home ownership become a nightmare because they simply did not understand adjustable rate mortgages, or if they did, had faith in the argument that in 5 years years a booming economy would provide them with an income commensurate with the substantial increase in their mortgage payment. The real estate bubble made people feel wealthier when their home values increased (which they were taxed on) but the expected rise in income never materialized. Worse, homeowners covered their shortfalls with revolving credit and home equity loans. 2010 was 12 years ago, but millions of Americans still suffer the consequences of the 2008,2009 financial disaster and may well continue to do so the rest of their lives. Stories like this make me ill -- which was probably the intent.

PopAlongKid 4y ago
>2010 was 12 years ago, but millions of Americans still suffer the consequences of the 2008,2009 financial disaster and may well continue to do so the rest of their lives. True, but don't forget that some of those millions also received tax-free loan forgiveness and walked away from their under-water properties with relatively little harm (mainly emotional distress from being a debtor for a while and having to move).
- johnohara 4y ago
  "Walking away" was literal in many cases. I remember seeing homes with a pile of "all our belongings" in the driveway scheduled for removal by contracted help loading dumpsters. Toys, bikes, exercise equipment, couches, headboards, etc. A huge pile after the family walked away 5 days prior. It's one thing to talk about it, it's quite another to watch the dumpster get hauled away with handlebars sticking out the top.

PopAlongKid 4y ago

>2010 was 12 years ago, but millions of Americans still suffer the consequences of the 2008,2009 financial disaster and may well continue to do so the rest of their lives. True, but don't forget that some of those millions also received tax-free loan forgiveness and walked away from their under-water properties with relatively little harm (mainly emotional distress from being a debtor for a while and having to move).

johnohara 4y ago
"Walking away" was literal in many cases. I remember seeing homes with a pile of "all our belongings" in the driveway scheduled for removal by contracted help loading dumpsters. Toys, bikes, exercise equipment, couches, headboards, etc. A huge pile after the family walked away 5 days prior. It's one thing to talk about it, it's quite another to watch the dumpster get hauled away with handlebars sticking out the top.