Mortgage Madness

Well this is a very interesting documentary from the BBC - it's about "Mortgage Madness" and guess what it was made in 2003! As most people can appreciate, much of the first decade of the 2000's featured mortgage madness, indeed the US had a massive debt fuelled property bubble. A lot of the trouble came from incentives, with mortgage brokers paid handsomely to sell mortgages, even bad credit mortgages, just to get their commissions. Of course people benefited from getting into a house, but the big picture situation did not end well! So take a look at this old documentary which sounds an eerie bell tone of things to come. It is also very interesting and informative personally, as for most people a mortgage is the biggest debt obligation we take on, and our house is often our largest asset.

BBC TWO's The Money Programme has revealed a huge mortgage fraud with brokers from some of Britain's biggest estate agents and financial advice groups advising customers to break the law and lie about their incomes to get massively bigger mortgages.

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