Posted on 23 January 2009
Here is a nice little comic we arranged for your viewing pleasure. source of it is unknown. It is available at multiple blogs without mention of source. This funny, shocking and surprising. It. Just what happened? How did this American (US) sub-prime crisis all start? Who screwed up? Why was it so predictable and why are the current US government reactions, by cutting interest rates, the wrong course of action If you want to truly know how it all came to be, this is a must see! here is a glimpse of it
Slide 04 : Scene Set at a typical Mortgage Broker: At Ace Mortgage Brokers: “We Make Your Dreams Come True”
Slide 04 : Scene Set at a typical Mortgage Broker: At Ace Mortgage Brokers: “We Make Your Dreams Come True”
Broker: An we can give you a really really low interest rate for a few years. We will raise it later, okay?
Customer: Sure, no problem. Umm, there’s one another thing.. my employer is a real prick and might not verify my employment. Would that be a problem?
Broker: NopeWe can get you a special “liars Loan” and you can verify your own employment and income!
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Tags: broker, credit crisis, economy, Finance, financial crisis, global economic crisis, loan, reasons behind crisis, reasons economic crisis, reasons housing crisis, reasons mortgage crisis, sub prime, U.S. government, united states, us housing bubble
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Hey there. Love the comics! It’s spells it out in plain English exactly what happened that caused this whole “mortgage mess.” “The crap goes on their balance sheet”, is the best line. Because none of the banks are posting the crap on their balance sheets, everything looks all hunky dory until “crap” hits the fan. Now that it has, most banks are eating crow while many of us are left with balloon loans that most of us cannot afford. Interest only loans… terrible idea. Later.
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