A fascinating and fairly morbid look into how the foreclosure crisis is destroying entire communities, and creating new challenges. The correspondent follows a trashing crew as they go from foreclosed house to foreclosed house, sifting through people’s abandoned belongings. People oftentimes leave in a hurry, as though fleeing a sudden natural disaster – food on plates, toys, photos, birth certificates. Even someone’s ashes were left behind.
Bottom line – the subprime mortgage crisis has resulted in a lot of waste, broken dreams and wrecked lives. Yes you can say it’s the fault of the people who entered into these bad mortgages, and you might be right to some extent. But that’s only part of the story. A lot of banks and firms made an insane amount of profit pushing these mortgages on people. Now that the foundation of the house of cards has collapsed, we’re going to be seeing the pain spread over the next few years.
For more insight into how the insanity and unchecked greed spread at all levels, check out this episode of the fantastic podcast ‘This American Life,’ called The Giant Pool of Money.
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