In the lead up to the financial crash of 2007, federal housing policy made a mockery of society’s ‘subprime virtues’
The effects of the subprime mortgage crisis which began in 2007 are still being felt today, with the U.S. now only slowly returning to pre-crisis growth levels. Richard Avramenko and Richard Boyd write that our society is based on what they term ‘subprime virtues’, such as moderation, truth-telling, frugality and commitment, and that federal housing policy in the lead up […]