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2007: The subprime meltdown
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Dec. 26 - After years of massive credit expansion, the debt industry snapped -- taking down major Wall Street figures and hitting corporations with initial loss estimates in the tens of billions. Investors from Wall St to Main St. were left wondering how it all happened. In the prior six years interest rates were historically low and the housing market was booming. The home mortgage industry doled out loans to subprime or more risky borrowers. Loans with loose terms like no-money down or incredibly low teaser rates. Jeanne Yurman reports.
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Wether they liquidated their assets or sat on their AAA'S TO LONG ,the chain of events was inescapable for prospectors using the wrong pan whilst searching for gold in them there ills
Black people if anything were the final potential victims of the biggest ponzi scheme run by whiter than white subprimesscysts in human history ,but they are walking away leaving their ninjAAA's behind them and had the last laugh on those that wanted to turn them into mortgage slaves and reposess their houses as they failed .