Summary Of Michael Lewis's 'The Mansion: A Subprime Parable'

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In his essay “The Mansion: A Subprime Parable,” Michael Lewis reveals the truth about the American real estate problem. Millions of Americans have purchased homes they cannot afford. Banks have lent out mortgages that people cannot pay back. Brokers have promised that real estate prices will always rise. Some days it seems that half of the nation is financially underwater. It is no doubt certain that ratings agencies, mortgage brokers, and multiple large firms can be blamed for this crisis, but they cannot be blamed for everything. Most of the blame, Lewis argues, has to be given to us citizens. The truth is that Americans are greedy creatures. We desire extravagant things that we can show off to everyone around us to prove how well we are doing. This is true especially when it comes to houses. We desire homes that are too big for us and are well beyond our budgets. This is true of all Americans, and it is especially true of Michael Lewis himself.…show more content…
He confesses the results of his own greed, and he provides examples of others who had the same problems he did. When Lewis decided to move back to New Orleans, where he had grown up, he was in need of a house. Ever since Hurricane Katrina hit New Orleans, the real estate market has been doing poorly. When the leading real estate agent offered to lease him a mansion that he had admired ever since he was a child, he could not resist the temptation. Lewis had always considered himself upper middle class, but now he felt was a good time to make an upgrade. Not only is the mansion the biggest and most extravagant house on the street, but the inside is even more breath-taking. The

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