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14 J. Bus. Entrepreneurship & L. 1 (2021)

handle is hein.journals/jbelw14 and id is 1 raw text is: HOW THE SUBPRINE MORTGAGE CRISIS SPARKED NEW LEGISLATION AND CHANGED THE WAY MILLENNIALS PURCHASE REAL ESTATE Troy T. Kramer INTRODUCTION .................................................................................1 I. THE NEW KIDS ON THE BLOCK..................................................3 A. Demographics of the Millennial Generation..... 3 B. The Technological Revolution of the Real Estate M arket................................................................ . . 6 C. Why Millennials are Moving Out of Cities .......... 8 II. THE IMPACT OF THE SUBPRIME MORTGAGE CRISIS...................9 A. Enemy Number One: Mortgage-Backed Securities and Financial Derivative Products................... 10 B. Legislation in Response to the Subprime Mortgage C risis ................................................................ . . 12 C. The Legal Fallout of the Subprime Mortgage Crisis ......................................................................... . . 1 9 III. BIG BANKS OR BIG GOVERNMENT. WHO WAS REALLY RESPONSIBLE FOR THE CRISIS? ................................................23 IV. WHAT MILLENNIALS SHOULD LEARN FROM THE SUBPRIME MORTGAGE CRISIS BEFORE ENTERING THE MARKET ..............27 V. CONCLUSION ...........................................................................31 INTRODUCTION The real estate market is experiencing a cultural change in the way that buyers purchase homes as Millennials begin to enter the market after the devastation of the Subprime Mortgage Crisis of 2008. Millennials are members of Generation Y and were born between 1981 and 1996.1 Elder Millennials are individuals in their early forties and young Millennials are 1 Michael Dimock, Defining Generations: Where Millennials End and Generation Z Begins, PEW RSCH. CTR. (Jan. 17, 2019), https://www.pewresearch.org/fact-tank/2019/01/17/where-millennials-end-and- generation-z-begins/.

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