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As millions of homeowners face foreclosure, NOW investigates the sleazy tactics of mortgage lenders.
NOW travels to North Minneapolis to investigate the mortgage
meltdown that's left the city scarred with boarded-up and abandoned
houses. What's happened in communities like this one has investors
everywhere shaken. Wall Street firms are stumbling, and markets
around the globe are reeling. Economists worry the mortgage bust
may even lead to a recession. By one estimate, investors could
eventually see as much as $400 billion go down the drain - losses
almost twice as big as the saving and loan crisis of the early
1990s.
NOW connects the dots to see the extent to which recklessness,
corruption and greed created this subprime mess that now threatens
to undermine our entire economy. David Brancaccio talks to Rep.
Keith Ellison, who grew up in North Minneapolis and who has pushed
legislation to address the crisis. He also talks to Ameriquest
whistleblower Mark Bomchill, who explains the competitive "boiler
room" culture that encouraged brokers to aggressively push mortgage
products they knew clients would be unable to repay.
NOW Online (www.pbs.org/now ) will feature this show for
free streaming starting Monday, November 26, 2007, as well as
useful tips for homeowners worried about foreclosure.