Desperate Households - USA
Uploaded by: journeymanpictures
Video Description:
June 2008
This year, millions of homes in the US will be repossessed. Wall Street was aware of the risks involved with sub-prime lending but chose to ignore them. No ethics, just money- here is a story of greed and recklessness.
In California, the sub prime crisis has hit homeowners full on. Repossessions have become routine and the foreclosure rate is still accelerating. Neat façades and tidy gardens can't prevent houses being sold for almost half of what they cost a year ago. Pressed for time and money, owners are torn
out of their homes: 'It's like leaving your children' says Rob. He is hoping the bank will accept a quick sale and forgive the loss, but this is unlikely. Most are made to wait until they default on repayment, which wrecks their credit record. Former bankers reveal how low interest rates were meant
to boost the economy. Banks looked for ways to make profit despite low rates and chased high-risk mortgages that would pay 8 or 9%, ignoring the consequences for borrowers if prices fell and interest rates rose again: 'There's no perception of the guy in some tiny little house in Detroit or in Phil
adelphia or in Stockton who basically might be losing their home.' Now that the system has failed, banks are less ready to lend money and this impacts on the entire economy. Families lose their homes, businesses fail...Wall Street gambled and the world has to pay.
Tags for this video: "subprime banks boom California crisis" financial home housing Journeyman Pictures repossession Stockton system US USA
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Tell a friend:
"WallStreet was bailed out...so should the people." "The people (the responsible ones)" are the ones paying for the bail-outs. You're not getting back at WellStreet by handing out tax dollars.
You're talking like the government has some magic pot of never-ending money that they aren't letting people get at. It doesn't work like that.
I'll try again. Most people didn't get more house then they could afford, taking money away from them to give to the people that did is unfair.
I would like the own a house someday and the government handing out bailouts to people that can't afford their houses will inflate the price of housing making it harder for me to get one someday. And I didn't say the banks should have got a bailout, said bailing out the people is going to make th
ing worse.
£5.52 per hour, the better paying jobs are 14-16 k a year, the super paying jobs are 25-30 k a year, but you need to be either an qualified Einstein or super experienced to get an interview for those ones. And FWIW I got laid off my little low paying job [min wage] in October last year, and I desp
ite allying for loads of jobs I can't get in anywhere else, and I'm not alone in this matter by far.