OK America. We’re on the edge of a very scary time. A lot of us do not understand money, how banks work, and apparently what we are actually capable of paying back to a bank.And obviously the banks and mortgage brokers under-estimated that too. As did investment banks who purchased big buckets o’ stinky loans.
The rest of us (aka taxpayers, homeowners with responsible loans, and many others) are now left holding the bucket.
Here’s some great information that makes sense of the subprime mess. I highly suggest you take the time to watch, listen and read:
Slideshow (some adult language here): Subprime Explained
MP3: Giant Pool of Money-Great insight into liar’s loans. What they are, who bought and sold them, and their lifecycle.
Blogpost: Why We Are In This Financial Crisis
And after all of this, people still aren’t convinced that the finance industry and needs more oversight?
