Boom Bust Boom Page #2
on the FICO scale. 620? that's great. No, no, no, no, no.
You see, we financial wizards reckon 850 on
the FICO scale is good. And 300 is very, very bad. You see, most people score
about 725 on the FICO scale, and I'm afraid 620
is usually our cut-off point. Oh, dear, so, I won't get
my interest on the mortgage ( laughing )
Not so fast. You could still be eligible
for a stated-income
verified assets loan. What's that? That's where you
state your income and
we verify your wealth. Well, I'm worth
one million dollars. Oh... Can you prove it? Not really. Look, we really
want your money. Uh-uh, I mean, we really
want you to have this
interest-only mortgage. So, we can go down
the stated-income,
stated-assets route. What's that? You state your income
and assets and we
don't check them. Great! Well, eh, then-then that's
all signed and sealed. Believe it or not, this scene
or something like it, must have been played out
numberless times. In 2004 to 2005, more than a third
of all mortgages were no income,
no jobs or assets, that were nicknamed
"Ninja Loan." Hiyah! Hiyah! That's what this was about. It was about forcing loans onto people who
would never repay them, who would end up
getting foreclosed, in order to earn a fee
on the origination and another fee when they
were sold to some sucker
who would take the loss. The whole thing
becomes, eventually,
a bit of a con trick because, everybody thought
continue to go up. The unimaginable happened. Housing prices
started to fall. That signaled to them that
they could never pay that debt, because they were relying
on the house price to rise as we all do in these bubbles. And then, um, like a,
string of dominoes, the very risky lenders knocked over
the risky lenders, knocked over
the normal lenders, and then they
all fell apart. Ain't got no home Ain't got no shoes Ain't got no money Ain't got no class Ain't got no skirts Ain't got no sweater Ain't got no perfume Ain't got no bed Ain't got no man JONES: The banks were
taking on more and more risk, Investing in the
financial economy instead of the real economy. The financial economy,
as it's become, is essentially making
money out of money, instead of investing
in firms and companies and contributing to
the real economy. So what happened to the banks
and the insurance companies that got involved in
the subprime lending? You can think of the-the
the end of 2007. What happened? The bank starts looking
a little more carefully
at their balance sheet. They look at the assets
they got and they say, "Wow, a lot of those
assets are trash. "Okay, we know that
these things are bad, "a high percentage of them, "and, um, some of our assets "are the I-O-U's
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"Boom Bust Boom" Scripts.com. STANDS4 LLC, 2024. Web. 17 Apr. 2024. <https://www.scripts.com/script/boom_bust_boom_4489>.
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