During the depression of the 1930′s, what percentage of mortgages failed?
I am trying to get a handle on our current ecomony, I’m starting to hear and read alot about folks being overextended due to ARMs and rising interest rates.
Tags: depression, During, Failed, Mortgages, Percentage
not many people had mortgages in those days and credit was rare
The depression and mid -west drought was difficult for the farm community and although estimates vary up to 75% of mid – west farmers lost their land to the banks and farm credit unions.
The great depression was different…….the reason people lost their homes was because banks called entire loans due……for example..you had a mortgage for $2,000 and the bank would send you a letter saying you had 30 days to pay your entire mortgage balance…thank you
Banks cant do that today….we have laws that prevent them from calling mortgages due like that.