U.S. Housing Collapse

The 2007 subprime mortgage crisis hit neighborhoods across America, and homeowners who had bought at a lower interest rate couldn’t afford payments when the rates adjusted. Other homeowners were faced with drastically reduced property values, making mortgage payments on a loan for a property that was valued much less than at the time of purchase.

Some homeowners simply abandoned their homes, while others were taken over by the banks who owned the mortgages, forcing families to find cheaper housing. U.S. Bank owned many properties in Chicago’s west side, and repossessed many of the homes when the owners couldn’t afford the higher payments. Residents met with U.S. Bank representatives at a neighborhood church, wanting to hold them accountable for decimating thriving neighborhoods that had once been fully occupied. While large banks were bailed out by the U.S. government, the subprime crisis led to financial difficulties for millions of Americans and eroded the public’s trust in large, financial institutions.

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