“If you have money right now”—that was the rub. The mortgage sector had shriveled up during the financial downturn: in 2007 alone, the number of loan organizations fell by 25 percent.11 Fearing insolvency, banks still in operation turned into miserly lenders, instituting stricter lending standards, requiring pristine credit, and demanding large down payments. “If you want a loan this year,” the Washington Post reported, “you’re going to have to pay more—thousands of dollars more in some cases.”12
