usa

People lose their houses when the special low interest rate they were paying gets reset to the real rate. The scam that's been running in the US lately is that people would would hope to on-sell the houses before the rate reset, and reap the capital gains. It all goes to custard when they can't on-sell (for more than they paid), as is happening now. They're left paying a mortgage that they used to be able to afford, but when the rate resets they cannot. » Read more