How the Mortgage Application Process Has Changed Since the Bubble Burst

In 2007, the U.S. economy fell victim to a massive mortgage crisis that we're still dealing with today. At the risk over simplifying the problem, the crisis stemmed from a variety of factors -- like the fact that home prices were skyrockets, the belief that those prices would never deflate, and lenders' unrelenting eagerness to participate in the seemingly endless flow of money and profits.

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