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<blockquote data-quote="The Other Side" data-source="post: 908852" data-attributes="member: 17969"><p>Moreluck, </p><p></p><p>maybe FDR is responsible for the housing crisis, he wanted more home sales as well.</p><p></p><p>Home ownership was not common at the turn of the 20th century. Lizabeth Cohen, author of A Consumer's Republic: The Politics of Mass Consumption in Postwar America, says even upper middle-class people rented: "They didn't think they needed to buy a home to establish themselves." </p><p>To own a house back then, people normally had to save up virtually all the money they needed to buy it. If they got a mortgage it was for a short period of time and usually required at least half the purchase price. If a family did buy a home, it was often later in life. It was not a rite of passage into adulthood.</p><p>The New Deal began to change all that. "The Roosevelt administration saw home construction, and home ownership, and the buying of appliances and furniture for those homes as an important part of generating economic recovery," says Claude Fischer, co-author of Century of Difference: How America Changed in the Last One Hundred Years. So the government started to insure mortgages and encouraged stretching them over a longer period so the payments were more affordable. Likewise, the government expanded sewer systems, paved roads and in other ways created the infrastructure to support new housing. </p><p></p><p></p><p>Peace.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 908852, member: 17969"] Moreluck, maybe FDR is responsible for the housing crisis, he wanted more home sales as well. Home ownership was not common at the turn of the 20th century. Lizabeth Cohen, author of A Consumer's Republic: The Politics of Mass Consumption in Postwar America, says even upper middle-class people rented: "They didn't think they needed to buy a home to establish themselves." To own a house back then, people normally had to save up virtually all the money they needed to buy it. If they got a mortgage it was for a short period of time and usually required at least half the purchase price. If a family did buy a home, it was often later in life. It was not a rite of passage into adulthood. The New Deal began to change all that. "The Roosevelt administration saw home construction, and home ownership, and the buying of appliances and furniture for those homes as an important part of generating economic recovery," says Claude Fischer, co-author of Century of Difference: How America Changed in the Last One Hundred Years. So the government started to insure mortgages and encouraged stretching them over a longer period so the payments were more affordable. Likewise, the government expanded sewer systems, paved roads and in other ways created the infrastructure to support new housing. Peace. [/QUOTE]
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