Read the Transcript: http://to.pbs.org/dhw6Ju
Home sales fell by 27 percent in July, the biggest monthly drop since 1968. The overall decline was recorded nationwide and comes in spite of home buying incentives such as low mortgage rates and bargain sale prices in many areas. Jim Lehrer talks to professor Susan Wachter at the University of Pennsylvania, about what the declining home sales mean for the economic recovery.
Duration : 0:8:8
Panel members discuss the future of subprime mortgages using Edward Gramlich’s book “Subprime Mortgages: America’s Latest Boom and Bust” as the point of conversation. Panelists debate the pitfalls of subprime lending, as well as possible solutions to problems such as increased foreclosure rates and the use of variable rates on loans instead of fixed annual percentage rates. Panelists include Edward Gramlich, Robert Reischauer, Craig Torres, Kurt Pfotenhauer, Michael Calhoun and Sandra Brauntein.
Duration : 0:10:19
Future of banking after the credit crunch and sub-prime crisis – impact on global economy. Meltdown of financial markets. Fire sale of banking assets after mark to market tests. Capital adequacy, bank solvency and capital injection with partial nationalisation. Global chaos in banking and economic outlook for emerging economies / developed economies. Impact on banking profits from global economic chaos, recession and collapse in bank share prices. Retail banking, corporate banking, wholesale banking and investment banking will become profitable again. Economy Video by keynote conference speaker Dr Patrick Dixon . The banking crisis will lead to further consolidation, cuts in retail outlets and staff redundancies. This will remove competition from the market and allow greater profit margins over things like commercial loans and mortgages or current account bank charges. Coupled with cost-savings, this will result in healthy profits in future. Banking share prices are in turn likely to show recovery, which could also mean that the end cost of expensive government rescue packages may be less than feared, if they involved providing banks with equity in return for shares. Taxpayers may actually make a gain from their public ownwership of slices of banks. While huge remuneration for CEOs and Chairman of banks will come under scrutiny, and while regulation will be stricter, we can expect rewards for the most skilled bankers to once again be very generous. Interest rate cuts will also help banks indirectly by stimulating the businesses they lend to and helping to take the edge off a long recession.
Duration : 0:7:36
Mortgage Rates drop to an average of 4.49%
http://finance.yahoo.com/news/Mortgage-rates-hit-low-of-449-apf-739903100.html?x=0&sec=topStories&pos=main&asset=&ccode=
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Duration : 0:5:24
Holly has worked for Walt Disney World for 30 years, and was unaware that she was on an adjustable rate mortgage for 5 years. Her payment has nearly doubled, and she works tirelessly to try and save her home for her granddaughters.
Have you been affected by the housing crisis? Do you know anyone who has? We’re asking you to record your story, or the story of a friend, family member, or neighbor, and send it to us in a video or through a written submission. We’re collecting stories to display on http://FightingForOurHomes.com.
Duration : 0:3:11
The United States has had public debt since its inception. Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly reported value of $75,463,476.52 on January 1, 1791. Over the following 45 years, the debt grew, briefly contracted to zero on January 8, 1835 under President Andrew Jackson but then quickly grew into the millions again.[6]
The first dramatic growth spurt of the debt occurred because of the Civil War. The debt was just $65 million in 1860, but passed $1 billion in 1863 and had reached $2.7 billion following the war. The debt slowly fluctuated for the rest of the century, finally growing steadily in the 1910s and early 1920s to roughly $22 billion as the country paid for involvement in World War I.[6]
MOST IMPORTANT:
The buildup and involvement in World War II plus social programs during the F.D. Roosevelt and Truman presidencies in the 1930s and 40’s caused a sixteen-fold increase in the gross debt from $16 billion in 1930 to $260 billion in 1950.
After this period, the growth of the gross debt closely matched the rate of inflation where it tripled in size from $260 billion in 1950 to around $909 billion in 1980. Gross debt in nominal dollars quadrupled during the Reagan and Bush presidencies from 1980 to 1992. The Public debt quintupled in nominal terms.
In nominal dollars the public debt rose and then fell between 1992 and 2000 from $3T in 1992 to $3.4T in 2000. During the administration of President George W. Bush, the gross debt increased from $5.6 trillion in January 2001 to $10.7 trillion by December 2008,[7] rising from 58% of GDP to 70.2% of GDP. During March 2009, the Congressional Budget Office estimated that gross debt will rise from 70.2% of GDP in 2008 to 100.6% in 2012.[8]
Retrieved 5/28/10, from http://en.wikipedia.org/wiki/United_States_public_debt
Duration : 0:0:40
Home mortgage interest rates are at fifty-year lows, but prospective mortgagers face stiffer review from banks, reports CBS News’ Anthony Mason.
Duration : 0:2:2
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Duration : 0:6:51
Analysis and discussion with Mahesh Swaminathan of Credit Suisse talking about the mortgage market. (Bloomberg News)
Duration : 0:4:55
Home mortgage interest rates are at fifty-year lows, but prospective mortgagers face stiffer review from banks, reports CBS News’ Anthony Mason.
Duration : 0:2:2