The "Great Recession," Idols, and the Gospel Truth

The "Great Recession," Idols, and the Gospel of Jesus Christ - Christianity main - Christian foundations - Christianity.com
Like everything in this world, credit has a natural market. Sometime after 2004, the credit market began to hit its limit. The mortgage-backed securities turned out to have been backed by overpriced mortgages (fueled by record-low interest rates) and, finally, the housing market began to tumble as interest rates rose on the adjustable mortgages. Home values plummeted (because of falling demand) and suddenly millions of home owners were "upside down" in their houses--and banks owned loans against these severely devalued assets.