Published on October 21, 2008
The Subprime Collapse
Subprime Lending means giving loans to people who are high risk.
including No Income, No Job and No Assets
Or… Ninja Loans
Banks sold loans and credit risks to investors called Securitization .
“…increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people.” New York Times, September 30, 1999
The Financial Perfect Storm
Dramatically cut interest rates
encouraged more borrowing.
increasing home ownership,
consumer spending & house prices
House prices increased at a much higher rate to median household income
House prices became unaffordable
43% …of 1st time buyers made no down payments at all.
People with poor credit found it…
difficult to pay their mortgage.
Properties with foreclosure activities.
The two giants in securitization…
Wall Street was Greedy .
Short term profit was more important than the good of the people.
Chief Executive Lehman Brothers Richard S. Fuld, Jr. Earned $34.4 million in 2007.
Congress did not act in time.
We all pay the price.
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