What it Was Like Twenty Years Ago

No more low doc loans, no more exotic option ARM’s,  no more 80/20 loans, no more 100% financing at 580 FICO scores. The list of changes goes on and on. Yesterday, one industry veteran commented that we’re back to where things were twenty years ago. That got me wondering.

So, what was it like back in 1987? Where were you? What were you doing? I was in 8th grade and acting in different school plays (yes, I was into acting back then!). To help you jog your memory a bit, here is a sampling of some notable events from twenty years ago (from Wikipedia):

January 3 - Aretha Franklin becomes the first woman inducted into the Rock and Roll Hall of Fame.

January 8 - The Dow Jones Industrial Average closes above 2,000 for the first time, gaining 8.30 to close at 2,002.25.

January 25 - The New York Giants defeat the Denver Broncos, 39-20, in Super Bowl XXI to win the NFL Championship for the first time since 1956.

February 12 - A Unabomber bomb explodes in Salt Lake City, Utah.

February 26 - Iran-Contra affair: The Tower Commission rebukes U.S. President Ronald Reagan for not controlling his National Security staff.

February 14–March 7 - Bon Jovi’s “Livin’ on a Prayer” is the #1 song. It would be 1987’s biggest hit song. “The Last Emperor” wins Best Picture in the 60th Academy Awards.

March 19 - In Charlotte, North Carolina, televangelist Jim Bakker, head of PTL Ministries, resigns after admitting an affair with church secretary Jessica Hahn.

April 19 - The first appearance of The Simpsons on The Tracy Ullman Show.

May 8 - U.S. Senator Gary Hart drops out of the running for the Democratic presidential nomination, amid allegations of an extra-marital affair with Donna Rice.

May 28 - West German pilot Mathias Rust, 19, evades Soviet air defenses and lands a private plane on Red Square in Moscow. He is immediately detained (but is released August 3, 1988).

June 10 - During a visit to Berlin, Germany, U.S. President Ronald Reagan challenges Soviet Premier Mikhail Gorbachev to tear down the Berlin Wall.

July 11 - World population reached 5 billion people, according to the United Nations.

July 31 - Four hundred Iranian pilgrims are killed in clashes with Saudi Arabian security forces in Mecca.

October 19 - Black Monday: stock market levels fall sharply on Wall Street and around the world.

November 29 - Korean Air Flight 858 is blown up over the Andaman Sea, killing 115 crew and passengers (North Korean agents are suspected).

December 7 - Delaware, the first state admitted to the Union, celebrates its bicentennial.

December 8 - Israeli-Palestinian conflict: The First Intifada begins in the Gaza Strip and West Bank.

December 18 - The Perl programming language was created by Larry Wall.

So what were you doing? I’d love to hear. Just put it in the comments field and share with us!

Welcome to the Arizona Mortgage Guru blog, a great resource for all your home financing needs. If you're new here and like the content, you can subscribe to my RSS feed to get regular updates on all things related to mortgages. Thanks for visiting.

Related posts brought to you by Yet Another Related Posts Plugin.