November 26, 2007

Wonk Alert: PBS video report on the mortgage mess and housing crash


Watch the full video. Nicely done. And no, the NAR does NOT want you to see this video.

$2 trillion in housing wealth going away
Foreclosure neighborhoods
Toxic mortgage bombs going off
Unethical mortgage brokers
Stupid ratings agencies
Wall Street out of control greed
Fraud
Ameriquest insider spills the beans
Political corruption and collusion

16 comments:

Anonymous said...

"Sure they're adjusting it, but it's only in one direction: up. And no they didn't make that clear"

Who would have thunk it? Take out a loan when interests rates are at historic lows and take the risk of rate changes onto yourself instead of having the lender take it.

What could possibly go wrong? I mean if the rates are at historic lows now, they can only go down! Just like house prices can only up!

LauraVella said...

The mortgage industry still wins because they still can give bonuses to brokers for selling the riskier loans products to buyers.

Offering a buyer the option of a negative Am loan right at the cusp of going into recession is just plain irrresponsible and greedy of the mortgage and banking industry.

LauraVella said...

"What could possibly go wrong? I mean if the rates are at historic lows now, they can only go down! Just like house prices can only up!"


Yes, it should be so easy to understand - yet so many still could'nt get it...

devestment said...

I buy gold teeth, old coins, and heirlooms from distressed homeowners. I am also the goodwill ambassador to Northern Los Angeles.

devestment said...

the us dollar is at an all time low. i think you should sell me your heirlooms now while you can get more for them.

devestment said...

Governments business is clear in the constitution. Issues such as Gays, Abortion, Gun Rights, and property taxation are all outside the scope of government business and personal choices to be made by individuals in a free society. If free society is unattainable then perhaps we should be honest enough to admit serfdom and bow to Queen Hillary

Mark in San Diego said...

Of course the general public is still pretty clueless. . .my nephew in Ohio who is the poster-boy for the Empire of Debt was out at 4 am on Thanksgiving to buy a new Plasma at Best Buy. . .he sells Kia's for a living, has had three foreclosures in the past 5 years, and 20K in debt to the US government for unpaid taxes. . .rather than pay the taxes, he hired a TV lawyer for 5K to "plead his case" and try to get his tax bill reduced. . .of course he charged the 5K on his wife's credit card. . .BTW - she is a restaurant "hostess.". . .they bought their current house with an ARM. . .on HER credit. . .we all know how this will end - living in my sister's basement.

bubbleglum said...

That couple in the video probably lost their house because of big momma's grocery bills. A well-larded ass is America's last status symbol. We're probably the only people on earth who waddle into foreclosure.

a.creampuff said...

What's in a name?

Mr. Skreune was standing in front of a screen door missing its screens.
And the Weisels? They wised up.
The lobbyist's hair. The ineffective bill passed by the bought pols. The Ameriquest guy buying embassadorship.

That news spot was like a surreal dream. Joke's on us.

Anonymous said...

For openers, PBS is in the business of defending stupid and corrupt people (Bush-Cheney-Rove, Rice, Powell,et. al)and annointing Victimhood to the masses, like the geniusses shown here. DB, the talking head is a flimsy yuppie lucky to have work at all. He should be washing cars in Compton for his daily wages...

These same sheeple pictred were the ones camping out over-the-weekend to be first in line to go deper in debt on their last best hope, their credit cards.

The horror, oh the horror. When will the mASSES wake up and figure out they have been sold down the river by Washington DC? and their own financial madness?

I am so looking towards the future. Debtless with plenty of reserves, the education alone in the next 12-18 months is worthy of note.

I wish you all health, prosperity and safety.

Anonymous said...


Yes, it should be so easy to understand - yet so many still could'nt get it...


They got it, but when you're gambling with the bank's money, you can afford to take huge risks.

Anonymous said...


For openers, PBS is in the business of defending stupid and corrupt people (Bush-Cheney-Rove, Rice, Powell,et. al)


For openers, you're a clueless conspiracy moron.

Anonymous said...


We're probably the only people on earth who waddle into foreclosure.


Speak for yourself, lard ass peabrain.

Princess Mononoke said...

I loved how they deliberately made a point to EXPOSE G.W. Bush's relationship and knowledge of the mortgage mess long before 2007. The public still insist on believing GWBs non-sense?!?!

"On the same day that the White House announced that President Bush is nominating California billionaire Roland E. Arnall to be ambassador to the Netherlands, the company he controls said it would set aside $325 million for a possible settlement of allegations of predatory lending tactics."

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/28/AR2005072801842.html

Princess Mononoke said...

The Kenya radio station story was also great to watch their new generation standing up for their rights!!!

Anonymous said...

The White House motto: If you are a crook, come on over and we make you an US Ambassador.