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Desperate Households - USA

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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 Philadelphia 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.

Channel: News & Politics
Uploaded: June 9, 2008 at 1:44 pm
Author: journeymanpictures

Length: 23:33
Rating: 4.74
Views: 20343

Tags: "subprime  banks  boom  California  crisis"  financial  home  housing  Journeyman  Pictures  repossession  Stockton  system  US  USA  

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Puzzoozoo (August 31, 2008 at 1:05 pm)
IF the company can afford it, did Enron employees that were high in the company get 'six digit payouts'?
7boon (August 31, 2008 at 12:09 am)
They're more likely to get six digit payouts while their companies go bust and thousands of ordinary employees are fired.
mysanjose (August 15, 2008 at 7:33 pm)
journeymanpictures: explain yourself how the US economy will recover. I think you are the only one how have wish full think with no prove.
q1ax (August 4, 2008 at 3:29 am)
Your doing a great job man, being prepare for economic callapse is a good thing, true i HATE Americans who being such a BITCH towards poor foreign people. They laugh at immigrants and think they are BIG and BAD. FUCK THEM. Yea they might live confortably and have lots of cash to spend, but what i really hate is when Americans Shitting and treating Immigrants like they are DOGS.
southdakota1001 (August 2, 2008 at 7:27 pm)
Question: What will the eventual human cost be in all this, come October 2008?
indrajitsen01 (August 2, 2008 at 1:42 am)
HAHAH....yes,yes,yes,yes,yes,yes.... FINALLY, THE FALL OF AMERICA.
12thWardGator (July 31, 2008 at 11:22 pm)
I could careless about these people. I grew up poor in Northern VA, which is filled with spoild brat rich kids & their parent who work for the feds. I was picked on for living in a 3 bedroom house, not having a car & not having Ipod. Now those kids have to leave college because their parents are losing the house. I knew many people who moved within 5 miles of their old home for a larger place. My parents just saved everything instead if spending, it wasn't hard.
markjayaweera (July 22, 2008 at 5:02 am)
The Spirit of Karl Marx needs to return to Wall Street, City of London and Washington DC.
BLESSEDone333 (July 21, 2008 at 1:23 pm)
SEE HOW THE ILLEGALS HAVE PLAYED A PART IN THE ECONOMIC CRASH watch?v=_MlQ8vAxksU
Puzzoozoo (July 21, 2008 at 10:46 am)
What do you mean by "living wage" ? Most jobs around here in my area are UK minimum wage or £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 despite allying for loads of jobs I can't get in anywhere else, and I'm not alone in this matter by far.

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