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Rental Tips - ForRentByOwner.com

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National Housing Locator System - NHLS - U.S. Department of Housing and Urban Development (HUD)

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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 > Business

> Subprime Meltdown

Sunday, January 27, 2008

The 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.

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A House Of Cards

Ground Zero

The foreclosure capital of America

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Walking Away

The cold logic behind this couple's drastic decision

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Warning Lights

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

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The Repo Bus

One family's disaster is another's buying opportunity

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Poll:

Who is to blame for the subprime meltdown?

The mortgage lenders

The Wall Street security brokers

The borrowers

All of the above

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DID YOU KNOW?

• Banks and securities firms worldwide have written off about $133 billion in losses stemming from the subprime crisis, according to Bloomberg News.
• In 2007, for the first time in nearly four decades, the median price of a U.S. home dropped, according to the National Association of Realtors.

Anatomy Of A Disaster

An Invitation To Fraud? » Watch Clip View Video

How A Bubble Began » Watch Clip View Video

A Small Price To Pay? » Watch Clip View Video

A Blind Eye? » Watch Clip View Video

Comments

Sound off on this segment. Here you'll see the comments in the order they were posted.

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Actually its a good thing the Real Estate market to collapse. It was and is still overinflated. Why does a "house" have to cost over $100000. Houses need to be for living— and business for making money! T. Schlesinger

Posted by tmsly2 on Sun, Jan 27, 2008 9:51 PM ET

2

I am trying to watch the real estate stories posted by 60 minutes and the audio keeps dropping out. It's very frustrating to only get partial information

Posted by efiedelholtz on Sun, Jan 27, 2008 11:39 PM ET

3

60 minutes did not bring out that state laws about lenders and real estate caused part othe problem.

Posted by sarah90907 on Sun, Jan 27, 2008 11:56 PM ET

4

I am a local Stockton area Realtor and this meltdown began with greed on the part of lenders and spred to Wall street and then to the borrower and real estate agents. I can remember buyers coming to a property and within one day of posting the home for sale I would have as many at 15 offers, often rasing the price of the home $50,000. It will take us ten years to pull out of this greed sink hole.

Posted by johmrh on Sun, Jan 27, 2008 11:59 PM ET

5

"Actually its a good thing the Real Estate market to collapse. It was and is still overinflated. Why does a "house" have to cost over $100000.": Do you really think a house should cost less to buy than it does to contstuct? What kind of fantasy land are you living in?

Posted by geostru on Mon, Jan 28, 2008 12:57 AM ET

6

What ever happened to the days when a mortgage company would look at one's ability to pay a mortgage as a prerequisite to granting a loan? Now, it appears they're indemnified from the responsibility of poor judgement and they simply "write off a bad debt" rather than own up to a mistake. The same goes for the people who borrow the money. To hear someone say "I'm not going to make the payment even though I'm financially able because my property went down instead of up" without any feeling of remorse is dispicable.

Posted by barryws on Mon, Jan 28, 2008 1:04 AM ET

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This is what economocs majors call a bubble. However, they still can't recognize one, just talk.(With the exception of Warren Buffett). For this reason economics majors who are in the business of advising the Wall St sharks (the due diligence companies, bond unsurance companies,etc,) are just as culpable as the Wall St sharks and should be punished equally.

Posted by fox9552@sbcglobal.net on Mon, Jan 28, 2008 1:20 AM ET

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This was all done in plain sight. Our government elected officials must have known what was going on. I hope some at the top go to prison for being blind to this mess.

Posted by antronig on Mon, Jan 28, 2008 1:24 AM ET

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TALK IS CHEAP? TRY LIVE IN HAWAII, FEE SIMPLE HOMES RUNS ABOUT 400,000.00 AND UP NOW, AND STILL GAS PRICES GOING UP AND UP, AND COST OF LIVING IS AT A HIGH TOO.AND MINIMUM WAGE YOU CAN'T AFFORD A HOUSE WITH THAT PAY RATE TOO.SO ENJOY THE RIDE CAUSE THATS ALL WE CAN DO WHEN WE ARE IN DEPT TO THE WORLD. SIGN SOMEONE WHO'S STILL TRYING TO LIVE IN (HI)

Posted by dabiggsexy on Mon, Jan 28, 2008 1:36 AM ET

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What I don't want to see is us the tax payer bail this mess out...GREED on everybodys part is the problem .. Since when do you qualify for a loan that YOU know in your pocket book you can't pay.. What ever happened to this...Your house payment is never more than one weeks take home pay????? Your credit card debt and all other payments are reasonable???? You earn it you know what it takes to live so DA!!! Why take on more than you can handle???? SAVINGS!!!! You put money away for an emergency... These arn't stupid people they are instant gradification seekers.....

Posted by sandradiane2002 on Mon, Jan 28, 2008 2:12 AM ET

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Jacksonville FL real estate listings and homes for sale, home buying, home selling information – List 4 Less – Blog, Blogging

here is a blog by Thomas Love in Jacksonville Fla anyone looking to buy in this market should give him a call if you are looking for great rental homes check out his sister site as he has some great buys on there the key that makes him a great realtor is he is also an invester so he see's side of things others dont thats why i like his blog and his websites are very professional if you are also looking for a great first home starter home he is also the guy to see he works in all areas of Jacksonville and also knows the Springfield area

Jacksonville FL real estate listings and homes for sale, home buying, home selling information – List 4 Less – Blog, Blogging

Now might be the best time for real estate investors to buy!

February 1st, 2008 4:14 PM

In addition to being a real estate agent, I am also an investor. I would have to say that now is probably one of the best times to buy investment houses that we have seen in recent times since prices have steadied and interest rates have dropped to such low levels. If you are an investor looking for properties to buy and to hold onto, there are great opportunities in the Jacksonville, and Northeast Florida market.

The concept is clear and decidedly simple. You buy when everyone is trying to sell, and sell when everyone is trying to buy. According to this basic principle, now would be the time to buy! I spend a lot of time looking at houses in the Jacksonville market and identifying great investment opportunities, and I specialize in bringing some of the best opportunities to the attention of investors who have signed up to be in my network.

As the housing market slows, it is usually accompanied by a surge in the rental market. Why not take advantage of this trend and add more rental properties to your portfolio? You will want a property that will provide ample equity, and that will have a mortgage payment that is as far below the marketable rent as possible. This is simply easier to do in today's market. Take a look at my sister web site at www.homesforjax.com for information on fantastic investment opportunities offered right now in the jacksonville real estate market. As always, feel free to contact me with any questions!

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Posted by Thomas Love on February 1st, 2008 4:14 PM

Bush sees 'troubling signs' for economy - Yahoo! News

Bush sees 'troubling signs' for economy - Yahoo

KANSAS CITY, Mo. - President Bush prodded Congress to pass an economic stimulus package Friday, hinting to "troubling signs" in a new report that ended a 52-month streak of national job growth.

Bush was in the nation's heartland pressuring Congress to boost the sagging economy with a plan of tax rebates for millions of people and tax breaks for companies. The White House-backed economic rescue deal in the House has hit roadblocks in the Senate.

"Inflation's low. Productivity's high, but there are certainly some troubling signs, serious signs that the economy is weakening and that we've got to do something about it," said Bush, who spoke just hours after the Labor Department reported that employers cut 17,000 jobs in January.

It was the first such reduction in more than four years and a fresh sign that the economy might be stalling. And it ended Bush's repeated claim — made most recently in his State of the Union address — that "America has added jobs for a record 52 straight months."

On Friday, at Hallmark Cards Inc., Bush said, "A serious matter is that for the first time in 52 months we didn't create jobs."

"And so the question is, what do we do about it? ... I do think government has a responsibility. I think government can take decisive action to help us deal with this period of uncertainty," he said.

Bush said the economy was going through "a rough patch."

Trying to get an economic growth package through the Senate, he gave perhaps the gentlest push of his administration, in a shift in rhetoric.

"I appreciate the fact that the Senate is trying to work through this as quickly as possible," he said. "I'm just urging them to get it done — because the sooner this package makes it to my desk ... the better off our economy is going to be."

Senate Majority Leader Harry Reid said the troubling jobs report "is yet more evidence that President Bush's assessment of the state of our economy is greatly misguided."

The president's speech on the economy capped three days of travel to highlight themes in his State of the Union address and raise an estimated $4.7 million for the Republican Party and its candidates in California, Nevada, Colorado and Missouri. After visiting Hallmark, Bush went to raise money for Rep. Sam Graves, R-Mo., who is in a tough re-election race.

There have been numerous signs that the economy is tough shape.

The Commerce Department reported Thursday that consumer spending was up just 0.2 percent in December, the weakest in six months. Also, the Labor Department reported that the number of laid-off workers filing applications for unemployment benefits increased by 69,000 last week.

And overall, the economy nearly stalled in the fourth quarter of last year with a growth rate of just 0.6 percent, capping its worst year since 2002.

Both the president and Congress are anxious to show some action to a frustrated public.

The House quickly adopted a $161 billion economic stimulus plan this week that would send $600-$1,200 rebates to more than 100 million Americans in hopes they would spend the money quickly and give the flagging economy a shot in the arm.

Senate Democrats are pushing to add elements to the House plan that they say will add a bigger boost, including smaller rebates that would go to more people such as low-income older Americans, wealthier taxpayers and disabled veterans, plus heating aid for the poor. The Senate plan, estimated to cost $204 billion, also would extend unemployment benefits.

Bush spoke after taking a tour of Hallmark, which is based in Kansas City. He stepped in a veritable kids' dream — an interactive playhouse filled with art supplies and colorful props. The president seemed to love it.

As kindergartners buzzed from station to station, Bush patted the kids on their heads and leaned way over so he could talk to them face to face. When he sat down to make his own card with a red marker, Bush looked at reporters and asked, "Who deserves a valentine?"

Later, when Bush took the podium, he appeared to have a little glitter on his face, the product of his visit to the children's center. "I am still trying to recover from the kindergarten experience," Bush said. "You talk about sapping your energy."

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Payrolls drop for first time since 2003 - Yahoo! News

bad news as people are losing there jobs and homes -now is the time to save not spend i know with bills and everything it is hard to do but now more then anything time it is time to save i for one also havce a hard time saving but it must be done i watched a guy the other day that said before 9-11 he told people to save for up to 6 months not after 9-11 he sayd to save for close to 1 year to 24 months thats a lot of money !
Payrolls drop for first time since 2003 - Yahoo! News