Speech 231-Housing Market

I recently did a speech in speech 231 about the mortgage market crises. It was about how lenders won't give people loans because everyone is foreclosing on their homes. The lenders gave people of high risk a loan at a high interest rate and then the people stopped paying their bills. This cycle is out of control. It all started with the housing boom in places like California and Florida. (How ironic is that?) What happened was a large amount of people built homes in these places and then slowly the houses stopped selling. Then people started loosing shop and factory jobs in the "rust belt," this is a term for places in the Midwest where factories are shutting down. When all these people lost their jobs then they couldn't pay there house payments, therefore the bank foreclosed on their homes.
More and more people started getting foreclosure notices in the mail and eventually the lenders who gave out the loans had to start raising rates. This was to pay for all the homes that they were stuck with. When they raised rates more and more people were unable to pay for their homes. Now nobody can get a loan for a home with out a massive down payment so the lenders are stuck with the homes and are going bankrupt. This is really a vicious cycle but, this are projected to get better soon.