I read in many articles that 2008 crash caused millions of people losing their house. What was the crash actually and how did it cause people to lose their houses?
Edit: woah this blew up, thank you for all the answers!! I sorta got it now. People lose home because they’re defaulted. Lots of defaults = “mortgage bond” (cmiiw) values become worthless = everyone panic selling = crash = companies lose money = lots of people got laid off = even more people defaulted.
That’s scary! I hope people learned something from the events. But I read from some comments that it might happen again so that sucks.
Hope everyone is doing fine!!