Housing crisis and a look behind the scenes>
Wow - I was sort of napping on the couch yesterday when I listened to This American Life on NPR. They did a show called The Giant Pool of Money (you can listen to it here: http://www.thislife.org/). What an eye-opener.
It gave a real behind the scenes look at how so many people and institutions got in such financial hot water. Lending institutions were telling people to lie on their applications while at the same time mortgage apps were asking for less and less information, or at least verifiable information. They interviewed one guy whose mortgage app had him earning over 16,000 a month! The poor guy had no idea - because he actually made around 38k a year.
If you care at all about the housing crisis - listen to this show.
It gave a real behind the scenes look at how so many people and institutions got in such financial hot water. Lending institutions were telling people to lie on their applications while at the same time mortgage apps were asking for less and less information, or at least verifiable information. They interviewed one guy whose mortgage app had him earning over 16,000 a month! The poor guy had no idea - because he actually made around 38k a year.
If you care at all about the housing crisis - listen to this show.
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