Desperate Households - USA
Loading...
Uploaded by journeymanpictures on Jun 9, 2008
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.
Produced by SBS/Dateline
Distributed by Journeyman Pictures
- 137 likes, 13 dislikes
-
Link to this comment:
Top Comments
Video Responses
All Comments (298)
-
@dochokeana I have alot of sympathy for people stricken with medical conditions. That STILL doesn't change the fact that if you can't pay your bills anymore, you lose your house. That's how an economy works. So what if I have a bit of ego? Should I not take pride in living within my means and not buying a giant over priced house? I rent until I can afford a home, and not be a sucker on a 25 year + mortgage. Now I want the suckers to be evicted so the prices come down!
-
@mookixox I live in reality for now. However your "kick out all the SUCKERS who lost their jobs" does smack of egotism. Most people lose jobs and savings (that would have allowed them to keep a house) due to circumstances out of their control (medical emergency, downsizing, outsourcing) but I guess in your world that is not accounted for. How would you feel if someone threw you out of the job and then kicked you out on the street so "someone else could afford the place"?
-
@dochokeana How is my comment a "me-first" attitude? If you can't pay your bills you lose your house so someone who can afford the bill payments CAN move in...What type of utopian fantasy world do you live in to throw such a response my way...
-
@CUMBICA1970 May be enforcing laws against such speculations can help. Basically the real estate agent can't sell and the person cannot take out the mortgage until the credit history is checked, the person has large savings and basically the person CAN afford it. If they try without proper checking they're fined, jailed etc...
-
@mookixox Me-first attitude I see. Didn't it land US in trouble?
-
fuck usa has alot of those lationos! they need to get rid of those if not america will be a latino province
-
Most of the people that had no business living in a 300,000 + dollar home to begin with have been thrown into the streets where they belong. Now we have to kick out all the SUCKERS who lost their jobs and are behind in their mortgage payments so the housing market can truly find a bottom and people like ME can buy a home at an affordable price.
-
Americans cannot get so mad at the government when they were living beyond their means and adopting high mortgages.. its really sad. We were all raised in a debt society.
-
If all mortgages and all rents in the US were to drop 30% there would be no economy problem whatsoever-Fact.
- 21:36Famine - North Koreaby journeymanpictures60,897 views
Featured Video
- 11:04Nude Festival - Japan, February 2006by journeymanpictures3,069 views
- 5:58Bahrain: Shouting in the Dark - 55 minute docum...by journeymanpictures314 views
- 24:35Armenian Genocide - Armenia, November 2008by journeymanpictures2,373 views
- 21:46The Muslim Brotherhood - Egypt, October 2005by journeymanpictures1,165 views
- 14:04Living In A Van (Off The Grid)by BugOutVehicles104,166 views
- 10:50The Face of Family Homelessnessby CompassSF12,682 views
- 9:06Victim to the Economy Crisis (lost everything)by brokeneconomy6,300 views
- 1:49How Millions of American Will Lose Their Homesby armcrash89,420 views
- 1:20:27Maxed Out: Hard Times, Easy Credit and the Era ...by ElshamyWalid26,819 views
- 14:37The Return Of The Great Depression ?by PArticenens1,953 views
- 11:36'America will collapse'by RussiaToday620,013 views
- 3:14A Brief History of the United States of Americaby thefaisalj293,188 views
- 4:41The United States of America - Hard Coming Loveby BGgunnor36,314 views
- 10:05Living In Our Vans - USAby journeymanpictures178,556 views
- 1:54Stacyville Maine Home! $20's! 3 Bedrooms! #7549by mooersrealty4,602 views
- 27:37The Revolution Business - Worldby journeymanpictures74,336 views
- 2:23Stockton Foreclosure Rate Highest In Countryby kcratv4,114 views
- 5:55Killer Baths - Japanby journeymanpictures482,578 views
- 7:44Financial Crisis Explained: Subprime Mortgageby therockcookiebottom96,447 views
Over half of these houses are 2 to 4 thousand square feet. Why do folks have to have such big houses here. Why not get what we need instead of what we want. I sold my big house in 04 and bought a little house in another state for 42k cash. I don't make big bucks anymore but I'm at peace...with deed in hand. Older houses, older cars, peace of mind. Living on less by choice. There's the inconvenient truth.
Rikenrocker 1 year ago 10
These bankers committed robbery of these people, they should be destroyed!
sugarjkane 1 year ago 5