Good-bye boom time

Recession and redemption

What goes up, must go down

The housing market put to music.....

Another hairy loan from New Century

This clip covers a story of a vulnerable old woman who was sold an inappropriate subprime mortgage. Who was the lender? It was New Century. The company is teetering on the brink of bankruptcy. If New Century made a business out of selling loans to high risk clients like the one in this clip, it is not hard to understand why their default rate shot up.

You have to wonder what the financial market regulators were doing. Were they paying any attention to companies like New Century? Seems not.

Just another busted subprime lender

Here is an interesting clip following the demise of yet another subprime lender. At the moment, there are so many subprime lenders going out of business that it no longer is a newsworthy item.

Ms Mortgage broker

After watching this video, you will understand why ads are usually just 30 second long. Go on, test your endurance, how much crap can you absorb without pressing the stop button.

This clip tries to explain why home buyers need a mortgage broker. The basic point is that taking a loan out is "real complicated". Yet if it is so complicated, then why people with lousy credit were able to get 100 percent interest only loans? Moreover, if mortgage brokers really were as effective as the clip suggests, then why did so many people end up with inappropriate mortgage products? Or to put it another way, why are foreclosure and delinquency rates rising?

Could it be because of Ms. Mortgage broker?

It has got to be real

Here is one of those 30 second realtor ads that just leaves you in opened-mouthed shock. The target group is young women on the verge of selling their condo and moving in with some loser. The magical realtor "organised everything" and "worked around my schedule". Of course, the realtor manages to sell "her" condo before "his".

The ad finishes with the background singer bellowing out "it has gotta be real". However, there is nothing real about the phoney lifestyle portrayed in this nasty piece of realtor hype.

Jack is back

Here is another video clip with Attorney Jack Garson. The clip follows the story of a DC home owner to buys one overpriced house but fails to sell his existing home. He ends up with two mortgages costing $9,000 a month. Inevitably, his surplus housing is destroying his savings.

Rather than making you rich, housing is often a fast track to poverty and bankruptcy.

Keep away from Northern Virginia, folks

This clip comes from a local northern virginian TV station. It starts out talking about a money losing condo project out in the boonies. But check out the language of these local commentators; it is extreme to say the least.

"It is a bloodbath in Northern Virginia"

"It has gone from panic-to-buy to a panic-to-sell"