A financial insider's view of the mortgage crisis01/06/09 Robert Lorei
Good afternoon. I'm Rob Lorei. On the first part of Radioactivity we'll hear from the author of a new book called The Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream by Adam Michaelson. It's an insider account about the mortgage crisis.
Michaelson, a former senior vice president at Countrywide Home Loans, offers a glimpse inside the real estate bubble, answering the question everybody has been asking: â€œWhat were they thinking?â€
When Adam Michaelson joined Countrywide in 2003, it was the largest mortgage provider in the country and the real estate market had just started to boom. He says he was proud to be part of a company that was helping people achieve the American Dream.
But the American Dream, which once included owning a home or business, has since turned into a nightmare, with millions of families facing foreclosure or struggling to make their current mortgage payments. And itâ€™s not just everyday people in crisis - banks and lenders, including Countrywide, are also being forced to close their businesses.