The sub-prime mortage mess explained, with some humor.
This little gem has floated around the internet as a PowerPoint file and is on YouTube. If you watch it end to end and read the cartoon bubbles, inbetween the humor (and some language language which we have not edited out) you will find a real dose of reality and common sense.
There are a few schools of thought from the politica pundits, one is laced with personal accountability the other with scoundrels in the mortgage industry preying on the unspecting. Well, there are a lot of really smart people, lawyers, doctors and even famous celebrities who got caught up in the sub-prime mortage mess who are finding themselves in foreclosure. So the argument that these individuals were being taken advantage of doesn’t hold much water. On the other hand, the mortgage indsutry has in many ways created a reputation akin to the IRS with respect to forms, or the lack of standarization in collecting information, and if you have ever been to a mortgage closing it’s truly a mess. Can anyone really “read” and understand every form that they have to sign. Can you imagine really inspecting the language on each form, your closing would take two to three weeks instead of the alloted 30 minutes.
So is there plenty of room to prey on individuals, even common sense individuals, absolutely. But does this negate the fact that we are still personally accountable. No. The major question is has any laws been broken. Enjoy the video.
