And so what happened was you had too much real estate that was being held by people who didn't have the cash to pay for it. So they were upside down in their homes. They couldn't make the payments. When they couldn't make the payments, you had too many people who were having to just give the homes back to the bank. When that occurred, it created a systemic crash in the financial markets. At this time I was working in commercial banking when this started. And then I switched to insurance. (05:24–05:29)
CLAIM
Asserts that inability to make payments led to homes being returned to banks.
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