this post was submitted on 05 Jul 2023
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Sub-prime mortgage crisis springs to mind.
You would think that, but the big banks made out like absolutely crazy from the derivatives and then got to seize a whole swathe of land they then sold on for even more money or kept for themselves and used to artificially inflate the rental markets while at the same time curb stomping their competition thus giving them a much larger piece of the pie after everything shook out.
The real own goal here is the poor saps who thought they were getting a cheap mortgage until the interest rates started going up and up.