Chapter . Housing Crash
The housing market bubble grew to unsustainable levels this year and began to burst, bit by bit, across the country. Mortgage lenders and borrowers all paid the price: more defaults, more foreclosures, and more lender layoffs. “Sub-prime-mortgages” entered the lexicon, as we learned that banks had been making big loans to people who could not afford to pay. The imminent tumble loomed over cartoonists – they have bills to pay, too.