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This American Life, $1,000 bottles of Mortgage Bubbly

May 28th, 2008

The public radio show This American Life had a bang-up program on the housing bust on Sunday. It was sent for the Gargantuan Pool of Money and it detailed how Wall Street’s search for higher yields translated into the foreclosure crisis the country is soon living.

None of this will be newfangled to readers of Red-hot Property, but the stories narrated hither are awesome. There’s the borrower in Ohio with pitiable credit and who ne’er produced more than $45,000 a year but all the same caught a mortgage for closely $500,000. As he accounted it: “I wouldn’t have lent me the money. I cognize criminals who wouldn’t have lent me the money.”

There’s as well the tale of the mortgage salesman at a boiler room type outfit in Modern York who tells of first class treatment in night clubs, $1,000 bottles of Champagne with sparklers on them, and hobnobbing with celebrities. Not astonishingly both of these people are at present contending foreclosure on their homes.

For folks who genuinely bask listening to things online, Congress is concuring hearings at 2PM easterly time tommorrow on the impact of foreclosures on local communities.

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