The Trouble with Money

The Trouble with Money

The Housing Crisis in the US

The Trouble with Money

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With the world's economy now threatened by what some believe is the most dangerous crisis since the depression of the 1930s, Michael Robinson looks at the deepening international financial turmoil.

part two: a new initiative

Following Michael Robinson's first report on the collapse of the American housing market, and the growing number of people simply walking away from their mortgage obligations, programme two looks at fresh government plans to avoid further turmoil.

He looks into a brand new multi-billion dollar initiative to help America's hard pressed home owners and compares this current solution to previous government assistance plans once employed to remedy the effects of the Great Depression of the 1930s.

Michael again visits Stockton in California, one of the hardest hit areas in whole of the US, and finds out what residents think of the new initiative.

The sticking point for many seems to be in the detail. To benefit from the new initiative, borrowers need to swear in writing that their mortgage agreement was based on an honest account of their earnings.

Since exaggerating earnings to secure a loan seemed to be common practice a few years ago, many will find it impossible to sign on the dotted line and receive help.

First broadcast on 6th August 2008

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