Understanding the Financial Crisis - very well explanation!
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@PBowyer123 seriously? they can just raise mortgage rate??? wow, :( how weird. what if they raised it by 500% - lol then everyone would become homeless
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@stasisnu18 When they first bought their homes they couldn't afford it, but the banks set them a low mortgage rate, and then when they raised it, so many people couldn't pay. But this was in the banks interest because of investment in CDS's
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@stasisnu18 because they were poor and a lot of them couldnt pay their houses anymore
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why don't you do more videos like this? this is great explonation
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@stasisnu18 scenario: you buy house at 400K. Its now only worth 200K. Your choices : A) pay the mortgage on a 400k house that's worth half that. B) just don't pay it and move on.
that's why there's alot of people just walking away from homes even if they can afford it.
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The reason that so many people couldn't pay their mortgages was that they were sub-prime. So, many had ARMS (adjustable rate mortgages) where the interest rate exploded after a couple years, far beyond the ability of the home owner to pay, or Balloons, where after 4-7 years they had to pay back the entire mortgage in one lump sum. They were told not to worry about the ARM or Balloon because they would be able to refinance. As the market started to go bad, they couldn't refinance.
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@stasisnu18 The video doesn't state that EVERYONE can't pay their house, just implies that there are always SOME families that suddenly can't pay their mortages. You've forgotten that is the global market, as well as PERSONAL issues, that may cause a family to go through rough financial times.
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Does anyone know how to make an animation like this one?
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One question, ....how come people suddenly cant pay their house anymore? is everyone losing their job or what?
stasisnu18 1 month ago 7
@shaunikko
Greed is bad, but only stupid people can afford to be greedy. Intelligent investors put there money in either safe or semi-safe investments. Just like on the stock market.
Greedy people in the stock market or hedge funds go bankrupt on a regular basis.
Just like idiots spending their paychecks on lottery tickets. Greed is a trait guarantees poverty.
However, when tax payer money is subsidizing greed (corporate socialism), stupid, risky investments are rife.
brendanmcwilliams 1 month ago 5