Brave New Films about the Mortgage industry

Say, Rick Santelli--want to talk about the "losers" now, who have an extra bathroom?

That rant went like this:




See, the real story is that banks sold mortgages and home equity loans as if they were "products." They gave money, in the form of the mortgage, away, and they weren't careful who they gave their money away to--that much has to be said. But let's not pretend that the poor bankers were defrauded by poor folks who didn't know they'd be laid off a few years later. Let's not pretend that these products weren't structured so that people might be able to pay, today, but when the loan switched to include prinipal on a variable rate, they weren't going to be able to get paid, tomorrow.

In a way, the mortgage dealers did themselves in. And we are all paying for it.

Smart people found ways to get people into houses they couldn't afford--eventually. Many of those people aren't really "losers" at all--just people who got fuxxed over. They could afford the mortage right until they couldn't.

But somebody made the deal. Somebody said "How can I get you into a house you can't afford?" Somebody looked at two paychecks and a credit report and said, "Why not?" And they were successful for selling that loan product. And sometimes, somebody just wanted to own, and not rent anymore. To have a thing of value to call their own. There really isn't just one side to this tale, not at all. At least two. Probably thousands.