A Must See Documentary on the Mortgage Meltdown!

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By AZGuy


Documentary on the U.S. Mortgage Meltdown

This documentary on the U.S. housing bust, by the Australian investigative news show 4 Corners was originally broadcast in Sept. of 2007, and has been right on the money so far! It has interviews with average Joe Americans in Riverside, CA and Cleveland, OH as well as market experts like Robert Shiller, Satyajit Das, Roubini and others.

This video is 45 minutes long, but well worth watching, as it provides a unique perspective and information that you won't see elsewhere. You'll find that this video is intriguing and offers a realistic assessment of the U.S. housing market at the time.....things in the housing and credit markets have markedly deteriorated since the original broadcast in Sept. 2007. In fact, some of the hedge fund losses around the globe that are described at about 24 minutes into the documentary are now DWARFED by the losses being realized at the present time (March 2008)! Watch the video as well as supplemental interviews at the weblink below.

Update June 14, 2008: A recent article from CNN/Money says that houses in hard hit areas like Phoenix and Sacramento etc., could see total price drops of 50%. This prediction by Michael Youngblood, a portfolio analyst with FBR Investment Management, may seem extreme at first glance, but is plausible when one considers the magnitude of the unprecedented housing boom experienced in those areas. Prices need to come back in line with wages in order for the housing market to recover, which may take some time. See the link below for the article.


Recent Housing News

  • BofA, Chase Halt Foreclosure Evictions Until Jan. 3

    Bank of America (BAC: 15.03 +1.14%) and JPMorgan Chase (JPM: 40.95 +1.69%) are suspending foreclosures for the holiday, joining Citigroup (C: 3.40 +6.25%) and the government-sponsored enterprises (GSEs), Fannie Mae (FNM: 1.10 +0.92%) and Freddie Mac (FRE: 1.30 -5.80%). From Dec. 21, 2009 through Jan. 3, 2009, Chase and BofA will postpone foreclosure evictions, according to [...] - 34 hours ago

  • HUD Limits FHA Mortgages after Short Sales

    The Department of Housing and Urban Development (HUD) released a letter to lenders regarding borrower eligibility for a new Federal Housing Administration (FHA) mortgage after pursuing a short sale. According to the letter (available to download here) and effective immediately, borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement [...] - 34 hours ago

  • Outstanding Commercial, Multifamily Mortgage Debt Falls $28bn

    The level of outstanding commercial and multifamily mortgage debt decreased $28bn from Q209 to Q309, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data. That decline represents only 0.8% of the $3.43trn of outstanding commercial and multifamily mortgage debt the Federal Reserve recorded in Q309. Multifamily mortgage debt [...] - 35 hours ago

  • Housing Recovery Needs 3.2m Prevented Foreclosures, Says Credit Suisse

    The industry can expect to see either housing stabilization or “a renewed leg down” in the second half of 2010, depending on the success rate of foreclosure prevention efforts, global financial services firm Credit Suisse said in a research note this week (available to download here). “We estimate that roughly 3.2m foreclosures must be prevented in [...] - 35 hours ago

  • Moody’s See Decelerating Jumbo Declines Around Falling House Prices

    During a revision of Moody’s Investors Service loss projections for U.S. prime jumbo residential mortgage backed securities (RMBS) issued between 2005 and 2008, the credit rating agency finds that the growth in new delinquency levels beyond the Q210 is expected to decline. On average, Moody’s is now projecting cumulative losses of 3.8% for 2005 securitizations, 8.0% [...] - 2 days ago

  • San Francisco Sees Second Month of Annual House Price Increases

    The San Francisco Bay Area experienced a second month of year-over-year gains in home sales prices in November, MDA DataQuick reported. The San Diego-based real estate information service provider said the increase is a sign of widening price stability for the Northern California market. The median price paid for all new and resale houses and condos in [...] - 2 days ago

  • GSEs Suspend Foreclosure Evictions Until Jan. 3

    The government-sponsored enterprises (GSEs), Fannie Mae (FNM: 1.10 +0.92%) and Freddie Mac (FRE: 1.30 -5.80%) have suspended foreclosures for the holidays. The suspension follows Citigroup’s (C: 3.40 +6.25%) gift to its borrowers, when it announced that there would be no foreclosures until Jan. 17. Freddie Mac ordered its eviction attorneys to suspend all evictions involving single-family and [...] - 2 days ago

  • Bankers’ Per-Loan Profits Fall on Higher Product Costs

    Borrowers applied for more purchase mortgages than refinance loans, and the higher per-loan production costs meant declined profits for independent mortgage bankers and subsidiaries in Q309, the Mortgage Bankers Association (MBA) said. The MBA’s quarterly mortgage bankers performance report put the average per-loan profit at $902 in Q309. That’s down from Q209, when the average profit [...] - 2 days ago

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