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+--- Thread: Making sense of the mortgage system collapse (/showthread.php?tid=54752)
Making sense of the mortgage system collapse - ztirffritz - 05-12-2008
I had a vague idea of what was going on, but this weeks This American Life clears it up pretty dramatically.
http://thislife.org/Radio_Episode.aspx?episode=355
The show is available as a podcast or streaming. It is amazing that more people didn't understand what was going on sooner, or at least start getting out of the investment vehicles sooner.
Re: Making sense of the mortgage system collapse - Don C - 05-12-2008
I heard that on Saturday. Greed and dishonesty know no bounds, not to mention being awfully short sighted! These are business models are are designed to be short lived with the early adopters being rewarded and the others taking their chances.
Re: Making sense of the mortgage system collapse - mattkime - 05-12-2008
You can tell that people don't understand it because they're not as angry as they should be. White collar crime pays.
Re: Making sense of the mortgage system collapse - cbelt3 - 05-12-2008
Sunday's Cleveland Plain Dealer did a good article on it. The article opened with lines like this: "There was a crime wave in Cleveland. Millions of dollars were stolen. Thousands of families were robbed. Here's how it happened".
And it named the main mortgage companies that were behind it. One hopes these company's officers get the full-up Enron treatment.
Re: Making sense of the mortgage system collapse - Acer - 05-12-2008
As soon as I heard "It's going up with no end in sight!!1!!lol" in the media I knew it was over.
That was exactly the same thing they said in the middle of the dot-com boom in the late 1990s.
And I suspect similar things were said in 1929...
Re: Making sense of the mortgage system collapse - OWC Jamie - 05-12-2008
Re: Making sense of the mortgage system collapse - MacArtist - 05-12-2008
It was greed on all levels.
Were the home owners completely innocent? I don't think so. Like the guy in the podcast that was given a $500,000 loan. No matter what a shyster mortgage broker says; he could not afford a house that expensive on his income.
We have got to do our best to live within our means.
Re: Making sense of the mortgage system collapse - laarree - 05-12-2008
[quote MacArtist]We have got to do our best to live within our means.
That's positively un-American!
Re: Making sense of the mortgage system collapse - mattkime - 05-12-2008
>>No matter what a shyster mortgage broker says; he could not afford a house that expensive on his income.
Ug....yes, but...
It is the responsibility of lending institutions to ensure that their loans are sound.
They have a much much higher burden of responsibility. They are professionals.
Re: Making sense of the mortgage system collapse - mattkime - 05-12-2008
wait wait wait....
you realize that mortgage companies were PROFITING off of bad loans? right?