NBC’s news magazine took a good, long look at the cause of the mortgage crisis last night.
Dateline doesn’t break a lot of new ground.
But starting with the story of Paula Taylor, whom Countrywide loaned $260,000 to buy a condo near Boston with monthly payments of $2,100 on an income of $1,600 a month, it presents a clear and concise explanation of how millions and millions of bad loans were made.
NBC points a telling finger at all the major players — lenders, Wall Street, ratings agencies, Congress and yes, the borrowers themselves.
“So much blame to go around,” the report says, “and yet so few willing to acknowledge it.”
When an executive says Standard & Poors had no way of knowing how risky the loans were, Harvard law professor Elisabeth Warren shoots back: “I’m sorry, the only people who can say ‘We never knew,” are people who didn’t want to know.”
It’s worth watching.