Wednesday, Sep 19, 2007
Great Article Explaining Sub Prime Mortgages and their Global Spread
Knowledge Wharton: How We Got into the Subprime Lending Mess
Even if your not new to the subject this is a cracking article illustrating how lending practices how changed since the Great Depression and illustrates just how bloated the sums have become from the USA all the way round the world to even Bangladesh!
Posted by enuii @ 10:40 PM (319 views) Add Comment
1 Comment
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1. alan said...
Yes, this is a good article.
What is missing is the downright fraud perpetuated on some very gullible people who were unaware their repayments would suddenly step up from (say) 6% to 13%. I've watched a number of TV programmes on the subject, one of which I downloaded from Australia, attempting to explain why bonds bought by Australians from Wall St had gone bad.
In some cases folk who qualified for prime loans were sold sub-prime loans just so the financial agents could get bigger bonuses!! There is no proper regulation in the industry, that's currently going through committee stage in the US. These immoral acts were targetted upon the most vulnerable.
It's The American Way dude....