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Special thanks to: Chris, Barney, Barrack and the boys…..
Doubtful the consumer will want to go see it
Consumer greed for quick profit, homes used as ATM machines for boob jobs and boats, lack of understanding about finances, and no savings to fall back on also contributed heavily to the financial crisis.
The Big Bankers were the obvious bad guys indeed, and the two mortgage lenders in the movie were an unfortunate representation of many in my career field. The "stripper" up against mounting mortgage debt unfortunately represented the investment plans for many unwary consumers.
The sub prime market filled a niche for consumers who had no other option but to apply for a sub prime loan to bail them out due to bad credit decisions that resulted in too many late payments, and this was way before the ultimate market crash. I also do not agree with the premise that you made more money selling sub prime loans. We sent clients to these products who did not qualify for the "A" money due to credit issues.
The Big Short movie as well as all media to date will not shed light on how the consumers also got themselves into trouuble. As a result, there is no amount of CFPB or Franken-Dodd rules forced upon us that will protect the consumer if they will not be financially responsible to protect themselves.
Not even making the consumer "stare" at their CD for three days prior to signing loan documents will correct a bad decision to write an offer on a house a person cannot afford.
I agree V elinda, only had a few in attendance to watch the movie yesterday…..
The real secret that the The Big Short doesn't mention is that these "exotic" loans would not have been possible if Fanny & Freddie hadn't CHANGED THEIR GUIDELINES! The Old guidelines would have prevented those loans from ever being originated.
I got caught up in all of the loan hell as a consumer and saw the movie last night to get more insight into what happened. For SURE not going to go down that road again. But just like in the movie, my loan people were telling us that no one was checking the paperwork and we could refi again in a few years. Ugh.