A Good Snapshot of Mortgage Crimes

The latest edition of the This American Life podcast has one of the best portraits and break-downs of the so-called subprime mortgage crisis.  I say it is one of the best because, as TAL is good at doing, it puts the very human face on both who lends this money and who is the recepient of these loans.

ForeclosureThere is nothing more disturbing and real then hearing the voices and feeling the emotion (or lack there of) when a mortgage broker explains that their office has 12 million accounts and therefore a piece of 12 million homes, 12 million lives.  Or when a father talks about how he expected to be able to pay the loan back in a few months and years later, found himself taking money out of what had long been preserved as his son’s college fund… that man breaks down crying.. and again there is nothing more real to me.  It is especially important to have such a program out there available for us to hear, when so often the commercial media outlets just play the numbers game or give it new titles like “the credit crunch” and shy away from the cold hard facts that lives have been destroyed, and that someone benefited from all this or even that banks allowed this to go on despite all the known consequences.

I highly recommend listening to this edition, entitled “A Pile of Money”. ( I even enjoy the fact that Ira Glass can barely speak throughout, a refreshing change of pace.)

Flattr this!

3 thoughts on “A Good Snapshot of Mortgage Crimes

  • May 14, 2008 at 3:15 am
    Permalink

    I’ve been hearing whispers about this podcast, but I haven’t listened to it yet. I’m subscribing now.

    • May 14, 2008 at 11:27 pm
      Permalink

      yeah i think youll find it interesting. out of all the many attempts at explaining the mortgage crisis.

  • May 15, 2008 at 6:23 pm
    Permalink

    The questions is: “How culpable are the people that signed on the dotted line?” Of course mortgage companies are dumb to loan money to people with crappy credit and/or little income, but it was the BUYER that that decided to buy a house, walked into a mortgage office, often lied to the mortgage broker about their income, and agreed to the terms of the contract.

    Crass consumerism, herd mentality, the want of easy money, and an unflappable trust in faceless corporations are concepts loathed on this blog – So why are the believers of those tenets now victims?

Comments are closed.