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Default America: Widespread Foreclosures


My in depth series continues with what some consider the cause of the recession. Although the downturn is not as severe in the ArkLaTex, the effects are all around us. To find out more I spoke in at lenth with local experts to find out their take on what started the recession. NATS – Home construction 0:00 [SUPER] Cody Jennings – Videographer cjenning@ksla.com “There was an interest to increase home ownership in the US” “The idea of making it so easy to buy a home, that…” 0:16 [SUPER] Brad Gosslee – Coldwell Banker – Chief Operating Officer “anyone can buy one isn’t good for the market because you end up with too much demand for homes” 0:23 [SUPER] Chris Combs – Professor of Economics – Louisiana State University “For those who initially wouldn’t be able to meet those requirements now met those requirements so it increased home ownership. “A lot of the credit was easy to come by there was easy going around a lot of people werent being fully checked out, they were getting loans based on…” 0:38 [SUPER] Rocky Rocket – Director Bossier Economic Foundation “minimum incomes. People werent too concerned at the higher levels of whether or not they could pay back the loans and sure enough that caught up with us” NATS – more construction “:An extended period of time going back over perhaps fifteen, twenty years, of extraordinary debt creation. Both in the… 0:53 [SUPER] David Joy – Chief Market Strategist – Ameriprise “private sector as well as in the public sector and we
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