Meet the California Homeowners Hit Hard by the Housing Crisis скачать в хорошем качестве

Meet the California Homeowners Hit Hard by the Housing Crisis

Desperate Households (2008): How Wall Street's mistakes are being paid for by homeowners. For similar stories, see: Has Wall Street Created Another Housing Crisis?    • Has Wall Street Created Another Housing Cr...   The Financial Crisis Is Forcing America To Redefine Their Values    • The Financial Crisis Is Forcing America To...   The Small Norwegian Town Struggling to Cope After the Global Financial Crisis    • The Small Norwegian Town Struggling to Cop...   Subscribe to journeyman for daily uploads: http://www.youtube.com/subscription_c... For downloads and more information visit: http://www.journeyman.tv/film/4044 Like us on Facebook:   / journeymanpictures   Follow us on Twitter:   / journeymanvod     / journeymannews   Follow us on Instagram:   / journeymanpictures   This year, millions of homes in the US will be repossessed. Wall Street was aware of the risks involved with sub-prime lending but chose to ignore them. No ethics, just money- here is a story of greed and recklessness In California, the sub prime crisis has hit homeowners full on. Repossessions have become routine and the foreclosure rate is still accelerating. Neat façades and tidy gardens can 't prevent houses being sold for almost half of what they cost a year ago. Pressed for time and money, owners are torn out of their homes: "It' s like leaving your children" says Rob. He is hoping the bank will accept a quick sale and forgive the loss, but this is unlikely. Most are made to wait until they default on repayment, which wrecks their credit record. Former bankers reveal how low interest rates were meant to boost the economy. Banks looked for ways to make profit despite low rates and chased high-risk mortgages that would pay 8 or 9%, ignoring the consequences for borrowers if prices fell and interest rates rose again: "There's no perception of the guy in some tiny little house in Detroit or in Philadelphia or in Stockton who basically might be losing their home. " Now that the system has failed, banks are less ready to lend money and this impacts on the entire economy. Families lose their homes, businesses fail; Wall Street gambled and the world has to pay. SBS Australia – Ref. 4044 Journeyman Pictures is your independent source for the world's most powerful films, exploring the burning issues of today. We represent stories from the world's top producers, with brand new content coming in all the time. On our channel you'll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.