Subprime mortgage crisis started in 2007 with the collapse of the housing bubble, when all the risky financial derivatives crashed the Wall Street and created a true panic among the investors. Read more on http://www.crisiswatch.net/economy/SubprimeMortgageCrisisCauses.html
Duration : 0:14:43
Dec. 29 (Bloomberg) — Nicolas Retsinas, director of housing studies at Harvard University, talks with Bloomberg’s Betty Liu about the outlook for the U.S. housing market.¶
Retsinas says the planned withdrawal of government support for the U.S. housing market may drive mortgage rates up. (Source: Bloomberg)
Duration : 0:2:27
Recorded: Sep 29, 2008
- 00:31 Dan is a little freaked out by Monday’s events
- 06:04 Has Congress paved the way for a global depression?
- 10:05 Who’s to blame for the failure of the Paulson bill?
- 15:55 How Obama might save the day
- 23:48 Free-form catastrophizing
- 42:23 Closing thoughts on the end of the world as we know it
Duration : 0:46:50
Scott Pelley of CBS’ 60 Minutes examines the Alt-A mortgage crisis dragging down housing prices in the United States. Condo Vultures® founder Peter Zalewski is interviewed for the piece.
Duration : 0:12:30
April 9 (Bloomberg) — Mortgage industry consultant Scott Cooley talks with Bloomberg’s Matt Miller and Carol Massar about the role of Fannie Mae and Freddie Mac in the finacial crisis. (Source: Bloomberg)
Duration : 0:4:56
Owning your own home is one major goal for many young Australians. But with property prices so high a first mortgage appears out of reach. In this interview on Wake Up WA, Certified Financial Planner professional Matt Hern shares three strategies that first home buyers (especially young people) can use to save up to buy their first home.
Links:
www.MattHern.com.au
www.Money-Guide.com.au
Duration : 0:8:40
Countrywide Financial was a big name in sub-prime mortgages in the years leading up the crash of the housing market. Now, a congressional report details how the company gave VIP treatment to make friends and buy influence in Congress. Wyatt Andrews found out who made the VIP list.
Duration : 0:1:58
Video provided by the U.S. House of Representatives. Predatory Lending – Committee on Oversight and Government Reform – Tape Deck 12 – 2007-03-21 – Subcommittee on Domestic Policy.
This was be the first in a series of hearings Subcommittee Chairman Dennis John Kucinich plans to hold looking at various issues afflicting urban America.
The Domestic Policy Subcommittee held a hearing on predatory mortgages, payday loans, and foreclosures that plague inner-city America. The riskiest segment of the U.S. mortgage market, which serves borrowers with poor credit histories at high interest rates, has seen rising default rates in recent months amid falling prices and slower sales in the housing market.
Key Economic Facts:
On Tuesday, 13 March 2007, the Dow Jones Industrial Average dropped 242.66 points, its second largest single day decline in four years, because of the subprime mortgage market. The Mortgage Bankers Association reported new foreclosures surged to an all-time high in the last quarter of 2006.
On August 31, 2008, Citigroup completed its acquisition of its wholesale origination-lending unit, Argent Mortgage, and its loan-servicing unit, AMC Mortgage Services, and shut down its retail-lending unit, Ameriquest Mortgage.
Former employees from Ameriquest, which was United States’s leading wholesale lender, described a system in which they were pushed to falsify documents on bad mortgages and then sell them to Wall Street banks eager to make fast profits. There is growing evidence that such mortgage fraud may be at the heart of the Financial crisis of 2007–2010.
Argent Mortgage is now named Citi Bank Residential Lending. Argent Mortgage ceased its operations in 2007 because of numerous violations of law and fraudulent business practices that resulted in a huge number of complaints and several law suits. At the present time Citi Bank Residential Lending, Inc. is a non-conforming wholesale lender. The company now provides a diverse range of lending products, services and expertise.
Uploaded by HouseResourceOrg on Feb 6, 2011
Google The Web:
Subprime Loans
Independant Mortgage Brokers
Argent Mortgage, Cleveland
Wall Street
Duration : 0:4:59
What Is A Balloon Mortgage?
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