If so many people suffer during every mortgage boom and bust, why don’t we do something about them? Naturally, the mortgage market has a lifecycle, as does the economy, but the lows need to be made less extreme.
Loss of jobs is a major problem in this connection. Now there are 291,000 employees in the mortgage field. At the lowest point, the employed were less than 250,000. Massive layouts are becoming frequent.
Wisdom can be drawn from the past. Negative amortization mortgages, for example, should be avoided. The same goes for too optimistic lending. Skepticism should remain in place, to a certain extent. The mortgage business should also plan according to a solid purchase platform.
By avoiding old mistakes, young employees can be kept in the mortgage industry and spared the constant volatility.