IMO skin in the game is a lot different today than 20 to 75 years a go. People don't have disposable income today like they did back then. If you are asking first time home buyers to save up 20 percent down on todays housing prices the amount of people buying a house will be considerably less. The middle class is almost gone with either upper middle or lower middle with the latter dwarfing the former and getting worse. If you could go back in time and adjust all the inflated appraisals and put people in houses they could actually afford with normal financing there would not have been a crash. If someone was talking about anything other than a home I would agree but most everyone would do anything to keep their home. A car or boat not o much.
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