Word: mortgagesã
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...suggests that the deregulation of financial institutions turned Wall Street into a virtual casino, one that operates on stakes much higher than anything found on the Vegas strip. The film opens with the now familiar tale of unsupervised banking recklessness: banks steadily doled out an increasing number of subprime mortgages??€”loans made to consumers with bad credit. Many would then adjust the interest rates for select mortgages according to market fluctuations, demanding more and more payment from consumers unable to afford the escalating charges...
However, because the Cockburns offer so many viewpoints, the film does not always provide enough sources when it comes to individual aspects of the financial crisis. For instance, when profiling one of the most controversial topics—financial companies like Wells Fargo allegedly targeting minority communities for subprime mortgages??€”the Cockburns rely on one unquestionably biased source: John Relman, a civil rights attorney involved in a lawsuit with Wells Fargo for minority targeting. Wells Fargo declined to comment and the film offers no rebuttal from anyone else, and the result feels a little one-sided...
...foreclosure cases we now see in the office are no longer the people who got connived into taking inappropriate mortgages??€”mortgages that encouraged the buyer to pay only interest and not build equity in the house, or that would reset in 2 years and double their payments. These days, the typical homeowner facing foreclosure seems more likely to have simply lost a job—in a steel plant or a bank or as an auto-mechanic—and fallen behind on payments...
...these investors and institutions have played requires an understanding of the path mortgages follow from borrow to investor. During the housing market boom that peaked in 2005, with home prices purportedly guaranteed to rise, more homeowners developed an interest in purchasing more expensive homes—with adjustable-rate mortgages??€”believing that they were riskless investment vehicles...
...wake of the summer’s subprime mortgage meltdown, Harvard economists are divided on the course of action Federal Reserve Chair Ben S. Bernanke ’75 should take at the Fed’s upcoming policy meeting. Subprime mortgages??€”loans which banks make on highly favorable terms to potential homeowners with weak credit histories—became common in recent years, but a rash of recent defaults has sent the mortgage industry into turmoil. Amidst worries that the mortgage crisis could be causing a general economic slowdown, many argue that an interest rate...
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