American Casino: Viewing and Panel Discussion at The College of Saint Rose
Understanding how the financial systems failed and how mortgage companies fell
Christie Tooker
Issue date: 10/28/09 Section: News
The United States is experiencing one of the biggest financial crises since the Great Depression. Almost everyone in the nation has had some burden on their life due to the subprime mortgage housing calamity. On Wednesday, October 21, The College of Saint Rose held a public viewing of American Casino, in Touhey Forum. The event was followed by a panel discussion about the film and was open to the public. Included on the panel were Fran Callahan, Real Estate Broker for Prudential, and Mary Musso, Mortgage Broker for Home Funding Lenders. Their expertise about the housing crisis helped students gain an understanding of the state of America and realize the importance of saving for a home.
"The documentary was about how we got to where we are today," said Regina Luttrell, communications professor at The College of Saint Rose. "The movie targeted minorities and as a college we are trying to learn more."
The American Dream was quite evident in this film. It is important to every American to live that dream of owning a home. But to own a home, people must live within their means. When the subprime mortgage crisis started, banks were being irresponsible and approving buyers who were not qualified for a mortgage. Because of this, loan officers were making a lot of money.
"Loan officers were sometimes taking home $30,000 a month," said Musso.
Musso explained that this angered her as a loan officer because the film did not depict how all loan officers performed.
"I was placing buyers in homes that were appropriate," said Musso. "I did not participate in the loan programs and often times talked people out of them."
The subprime mortgage crisis was caused by one main factor: excess capital around the world which pushed an enormous amount of money into the US mortgage market. This was due in part to securitization and the fact that almost 80 percent of the U.S. mortgage market was securitized. Mortgages were being offered to high risk borrowers, but at the cost of higher mortgage rates. When borrowers defaulted on their mortgage, fingers were pointed.
"The documentary was about how we got to where we are today," said Regina Luttrell, communications professor at The College of Saint Rose. "The movie targeted minorities and as a college we are trying to learn more."
The American Dream was quite evident in this film. It is important to every American to live that dream of owning a home. But to own a home, people must live within their means. When the subprime mortgage crisis started, banks were being irresponsible and approving buyers who were not qualified for a mortgage. Because of this, loan officers were making a lot of money.
"Loan officers were sometimes taking home $30,000 a month," said Musso.
Musso explained that this angered her as a loan officer because the film did not depict how all loan officers performed.
"I was placing buyers in homes that were appropriate," said Musso. "I did not participate in the loan programs and often times talked people out of them."
The subprime mortgage crisis was caused by one main factor: excess capital around the world which pushed an enormous amount of money into the US mortgage market. This was due in part to securitization and the fact that almost 80 percent of the U.S. mortgage market was securitized. Mortgages were being offered to high risk borrowers, but at the cost of higher mortgage rates. When borrowers defaulted on their mortgage, fingers were pointed.
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fiannce advice
posted 2/10/10 @ 11:05 AM EST
The housing crisis was a tragedy that a lot of people were to blame as people owned mortgages that they could not pay for and when the houses were worth less than the mortgage then that really put the mortgage payers into serious trouble that put the world into a financial crisis. (Continued…)
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