Sunday, October 24, 2010
Daily Show: Mortgage Bankers Association Strategically Defaults
Investigative (and fake) journalism at its best: As our economy struggles to rebound from the housing bubble, homeowners are being scolded by banks for strategically defaulting on their mortgages even when they can afford to pay them. Yet the Daily Show exposes the hypocrisy of lenders by revealing that the Mortgage Bankers Association did the exact same thing. So not only are homeowners not paying back their loans to banks, the banks aren't paying back the loans they received either. No wonder our economic recovery is so slow.
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I think this is interesting since a huge role in the recession was due to the housing market. The fact that so many people were defaulting on their loans helped push us into a recession and it is interesting to see that they were not the only ones not paying.
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