More than a quarter of U.S. homeowners don’t know what kind of mortgage they have (via Felix Salmon). But that’s down from more than a third year ago. Get this: nearly two-thirds of American homeowners say their home’s value has gone up or stayed the same over the last year. Wishful thinking, overly optimistic, in denial, patently delusional…
September 4th, 2008 at 9:20 am
This article is another example of the screaming need in the US for some type of basic financial education in our school systems. So many people are quick to blame the financial institutions (and for sure there were plenty of predatory lenders), but so little attention is being paid to personal responsibility which contributed to this housing bubble and credit crunch.
September 5th, 2008 at 12:26 pm
Nice observation! I too, agree that we need some kind of credit classes taught in college or at a high-school level.