Saturday, February 2, 2008

Subprime Meltdown ...on 60 Minutes; Exclusive Video Only on Yahoo! News

Subprime Meltdown ...on 60 Minutes; Exclusive Video Only on Yahoo!
News Home > 60 Minutes > BusinessThe Subprime Meltdown

By now, everyone has heard of "the subprime mortgage meltdown." It began in the U.S. but its effects are worldwide. Banks lent hundreds of billions of dollars to homebuyers who can't pay them back. Wall Street took the risky debt, dressed it up as fancy securities, and sold it around the world as safe investments. Steve Kroft focuses on one hard hit city: Stockton, California.

The Subprime Meltdown

Ground Zero

Ground Zero

The foreclosure capital of America

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  • Walking Away

    Walking Away

    The cold logic behind this couple's drastic decision

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  • Warning Lights

    Warning Lights

    $1,400,000,000 of bad loans in just one town!

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  • The Repo Bus

    The Repo Bus

    One family's disaster is another's buying opportunity

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    » See Results OnlyAn Invitation To Fraud? An Invitation To Fraud? » Watch Clip View Video
  • How A Bubble Began How A Bubble Began » Watch Clip View Video
    A Small Price To Pay? A Small Price To Pay? » Watch Clip View Video
  • A Blind Eye? A Blind Eye? » Watch Clip View VideoNext >
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