[She was] a single mother of four who wanted a house….in the heady days of the mortgage boom….She only knew that there seemed to be possibilities, even to those with little means such as herself, which is how a woman who had never paid more than $700 a month in rent and who had relied in recent years on Section 8 housing vouchers suddenly owned a house.
A four-bedroom house.
With 3 1/2 bathrooms. And walk-in closets, black granite countertops and a fireplace.
And a sale price of $698,000.
How White was able to buy this house — and the havoc that doing so wrought — is the story of a moment in time when all of the old rules about home-buying suddenly disappeared. It happened even though smart people knew better. It happened in White’s case even though the college-educated day-care provider knew deep down that she was not ready. In the expansiveness of the boom, it was easy to believe. And tens of thousands of people did.