Video: Inside the Financial Crisis – Mortgage Madness
Below is the first video of NBC’s Dateline report titled “Inside the Financial Crisis: Mortgage Madness” (aired last Sunday 3/22/09).
The show takes an in-debt look at the current mortgage crisis that we have been bombarded with by the media. However, Dateline gave a good explanation as to how it all started and how we got here.
What is amazing about the show is how people were getting mortgage loans that they clearly couldn’t afford. The entire system got so corrupted from the banks, brokers, Wall Street, ratings agencies to even the borrowers that everyone was just looking to make money and ignored the fact the borrower would not be able to pay back the money. Isn’t that absolutely crazy?
As an example, one borrower was able to get a $260,000 loan with a monthly payment of $2,100 but the borrower had an income of $1,600. Clearly, people lied to get these loans approved. In my opinion many people should be sent to prison over the current mortgage crisis.
Video: Inside the Financial Crisis: Mortgage Madness
Visit msnbc.msn.com to view the rest of the Morgage Madness.
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