Finally, The Mortgage Crisis Explained

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5 responses »

  1. I love the accents and dry humor, but this, to me, is still the most succinct explanation. From Wonkette’s Ken Layne:

    That’s all because people like Countrywide CEO Angelo Mozilo came up with the brilliant idea of giving huge mortgages to people with no down payment and no income and no credit, and then he immediately sold the mortgages to investment banks and hedge funds that chopped up the loans and sold them again and again, so that basically the entire financial system was propped up on trillions of dollars worth of doomed loans that Countrywide knew were worthless, and this whole shell game caused a real-estate bubble that has since popped, wiping out half the house equity in the nation, and meanwhile these same chief executives were taking home hundreds of millions in bonuses for pulling off this fraud operation.

    Plus this little quote by Ibsen:

    Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.

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  2. Are you saying that since most of Ibsen’s characters seem to be burdoned with loathsome estates hardly anyone wants anymore, and loads of another generation’s bad financial decisions bequeathed to them as a legacy, that the drive and desire to own property is a value that’s best left “unimposed” on others?

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  3. Spacey,

    Just saying it’s a beautiful quote. Not relevant in today’s world, but it makes me pause to think.

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  4. Anything Ibsen wrote is always profound and often beautiful, to me at least. I think that quote could very well be relevant today. After all, that’s what makes good literarture great, eh? The ability of the words to transcend time, current society, etc.

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  5. Then there are the people (like me) who have a great rate Countrywide mortgage, and are thankful for it. If I keep blogging instead of working and lose my house as a result though, I’d have only myself and the Internets to blame. How much Angelo would factor into that equation, who’s to say.

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