TheRealDeal – Second wave of mortgage crisis to come
In a segment on CBS that aired yesterday, 60 Minutes correspondent Scott Pelley talks to investment and credit experts about the new types of mortgages that will create a second wave of foreclosures. The country has already suffered the subprime mortgage crisis, and the experts say the next wave of risky mortgages to default are the Alt-A and option ARM mortgages, which were also bundled into Wall Street securities and sold to investors. For more information plesae click the link: www.cbsnews.com
Video Rating: 4 / 5
Center for American Progress Senior Fellow Dr Christian Weller appeared on CNBC to discuss subprime mortgages and how consumers can protect themselves. For more on subprime mortgages and foreclosure rates please see: www.americanprogress.org What if 40 hours a week were enough? www.AMERICANPROGRESS.org
R we only capable of passing greed laws at this point. I want a mortgage that is adjustable. Adjustable to fair market value. My grandfather took out a loan 50 years ago to start a business. They gave him ten years to repay it. He repaid it in one year. The next year he bought a house free and clear. To all the BMW driving pinto owners, your getting what you bought. Insecurity. I want what I pay for.
the only people recommending buying a house are real estate agents. Renting is so cheap it just makes no sense to buy an asset (house) and watch it lose value over the next five years.
2014 is when this will bottom out.
“cashing in on selling them.” ……that’s the business.
That guys feels so guilty to clear out the homes, but he had no problem cashing in on selling them.
Oh happy day, oh happy day, oh happy day, when the fed wash, wash the stupid ones away. I love it.
Can we still borrow and buy indiscriminately? We love to borrow and buy, you know. LOL
I suppose you know more than eeeevrybody else, right?
More than these guys, more than the economic advisors of every major nation on earth, including our own….etc etc.
Who knew?
Maybe YOU should go on 60 minutes…LOL.
this country is going to collapse and break into ideological factions fighting to “restore” the nation, which in reality will be jackals ripping apart the dead carcass of what once was the United States.
Actually, the soviet union has already outmoded the USA. It just looks different, but your economic “system” leads to the same result. Anyway, this crisis affects less than 1% of the worlds wealth. Its funny how much panic is going on just because some anal-ysts are predicting further crashes. Its like suspecting a car will explode because one backlight is defect.
this country will collapse. the second you hear of a 100billion dollar auction in t-bills and only and 82billion offer.. watch the dollar inflate to the sky. thar is atleast a couple years away. The fed caused the bubble. The government wont let it deflate.. print print print.. lost confidence in bond market down the road = THE END. we are the new soviet union
are you for real
how can a home owner be resposible for 90% of any mortgage loan? for example, a 100k loan, from a bank, for a mortgage loan is 90% made up out of thin air. “fractional reserve banking”. so, the way i see it is, the home owner only owes 10% of the loan (10k). how can a bank loan the money if they don’t have the other 90% (90k) of money? legally the home owner owes only 10% of the mortgage.
thehelpfund.blogspot
We are so screwed
Very informative video. I took some notes on the video and how it was done. I gave it 5 stars. Check out our vids and tell me what you think? We have some good stuff also.
What if you include the possibilty of the auto makers going under? 10 million foreclsures in 3 years?
Wonder if “Oscar” ever gets to move out a family he himself conned into buying an overpriced house that he knew they couldn’t afford.
How do you think Oscar feels about that?
guess what american childrens going to say for Halloween ?
surprise ? noo SUBPRIMES LOOOOL
The savings habits of this country suck. Credit cards are like dope once your hooked
try to get off when Bush and his big corporation butt buddies are sending all the jobs overseas.But then look at the government
and how they have managed money with Bush and
the congress spending it like crazy on another
unnecessary war which only benefits the large
corporations. Makes you sick. We’re so fucked.
Freakin’ chip board and knock on walls–it’s HALLOW.And the price the’re asking.IF enough people will say–we’re NOT buying this junk for this PRICE.Then they will adjust their RIGHT PRICE.But.bec there’s too many succers.need i say more!
In debt? Suffering a foreclosure? Work too hard not making ends meet and still wondering why? Discover the secrets why the rich get richer but the rest of us work like slaves. See google video “Money as Debt”.
It’s not just people getting loans they will never repay. We have a weak dollar and the whole economy is going to collapse.
Funny how the wankers on Wall Street are all for deregulation when it allows them to game the system but when things go tits up as a result of their scams they’re the first to cry for governmental intervention to save their gutless asses. Lending restrictions exist for a reason.
Stop the banks from throwing mortgages and credit cards at people.
And stop stupid people from getting loans they know they can never repay.
This epidemic of greed and irresponsibility has got to stop.
People are buying homes they can’t afford. End of story.
Who loaned them the money? By the way, employment was down in August for the first time in four years – Countrywide announced 10000 layoffs… after the market closed of course. Get the picture?
Subprime BORROWERS are the ticking time bomb. PAY YOUR PAYMENTS PEOPLE!!!!
Think Rome, the fall of the Roman empire.
So they are likely to work under the table, NOT consume at all, NOT buy stock , NOT have savings in the bank, nor a 401K ..so the answer is until the DEVIL that passed the BANKRUPTCY LAW FIXES THINGS the STOCK MARKET will NEVER recover. NO RELIEF FOR THE PEOPLE NO RELIEF FOR THE MARKET. I cant believe those dumb ees CANT FIGURE THAT OUT!!! That’s ignorant for congress to think the middle class don’t count!
So after someone who barely makes enough money to pay a house pmt with a subprime rate loan
gets garnished for like a medical bill or old cell phone ect.. then comes foreclosure, then the debt is sent to attys office. They obtain a Jmt on the borrower. Then they lose their house & countrywide attys put a jmnt lien on the borrower/victim & IF they continue to work they get garnished for the home they lost in foreclosure.
Let me tell you what I know. Countrywide & the others carelessly loaned money to people/victims who didnt qualify with subprime rates. but BEFORE that SOMEBODY made it impossible for people who get in a financial bind to escape it by passing that HEINOUS BANKRUPTCY LAW. There is absolutely NO relief for the middle class or young people who get in debt. I dont know if I would work if I had 25% of my check garnished every week
Looking for low interest rates? Visit thelowratepeople to get started!!!!