How is it that Texas did not suffer as much from the housing crisis compared to the other states of the US? The Texas locals have the Realtor lobbyists to thank for.
The Realtor lobbyists always opposed the bill proposed by bankers to allow equity loans. They reason that if house buyers borrow too much and the economy turns sour, there will be lots of home foreclosures and real estate prices will fall. Both house buyers and realtors will lose. So far, only 80% of the house's appraised value is allowed for equity loans, which is why Texas did not suffer as much from the equity-loan frenzy.
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