The California Reinvestment Coalition put together this great little nine-minute documentary about the subprime mortgage meltdown. The focus is on California, but the message resonates anywhere. They include priceless footage from 60 Minutes of Alan Greenspan admitting he didn’t understand what was going on in the mortgage market until way too late in the game. On a related note, the New York Times ran this editorial today about what has and hasn’t happened to fix the mortgage market – and of course, there’s a lot more in the “hasn’t happened” category. Makes you wonder who else will be admitting that they “didn’t get it” in a few years.
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