The Mortgage Mess: 60 Minutes Weighs In

As Reid mentioned, we’re having an event next week highlighting some potential solutions to the mortgage mess. We’ve been at this for a while, but the problem isn’t going away and we think promising solutions aren’t getting enough traction.

We’ve also been working to keep a focus on the causes of the mortgage mess, recently hearing from Kathleen Engel, co-author of The Subprime Virus. If you haven’t seen her speak, I highly recommend watching her remarks, it really helps give a sense of where this crisis came from.

There are others out there doing a good job showing the nature and impact of this crisis, for instance, I can’t recommend 60 Minutes’ piece from Sunday night highly enough. It’s 14 minutes featuring Sheila Bair and some jaw dropping stuff on fraud being committed in the mortgage servicing industry. If you have been unclear as to what the “settlement talks” between the federal regulators and the banks/mortgage servicers is all about, this does a great job of clarifying that mess.

Watch the whole thing: