I wanted to pass along, what I felt is a very ‘Snap Shop” of the subprime meltdown and some of the key players involved. While this does not cover everything, it is a reminder of what we have been thru over the past 18 months and the 24 - 36 months we yet have to go to dig ourselves out of this. I would appreciate ALL your comments and ideas for the follow up to this Blog as any and all Real Estate and Finance information we can pass along is a helpful tool in navigating today’s real estate market.. Robin Weirich CBW.
House of Cards and the Sub Market For the full article - below are highlights. ( Taken from CNBC )
INSIDE AMERICA’S SUB-PRIME MORTGAGE CRISIS
The BuyersCynthia Simons craved a better life for her family and wanted to leave the crime-ridden area of Compton, Ca. She thought her prayers were answered by a mortgage broker from her church who found the family a house in a safe neighborhood.
Simons dream house was too good to be true

The LendersLou Pacific worked for Quick Loan Funding. The company targeted people who couldn’t afford a down payment and had poor credit…so-called “sub-prime borrowers.” With no shortage of eager borrowers, business was booming and Quick Loan made millions of dollars.
Pacifica on what took place at Quick Loan Funding

The InvestorsIn a rare interview, CNBC’s David Faber speaks with one of the few savvy investors who bet against the mortgage-backed security fever – Dallas’s Kyle Bass - whose hedge fund soared 600% in just eighteen months.
Bass on his experience

The Federal ReserveFormer Federal Reserve Chairman Alan Greenspan defends decisions he made that critics say laid the groundwork for the crisis. Greenspan also admits that he was puzzled by the more complex mortgage-backed securities on the market.
Greenspan on what could have been done to prevent the crisis.

Then and Now! Check it out… Robin Weriich CBW