Tags: about, bubble, burst, housing, warning
Categorised in: World Headlines
Nothing is stopping the next crisis. Nothing! Ana Kasparian, Brooke Thomas, Mark Thompson, the hosts of The Young Turks, break it down. TYT now has a full audio network! Available where you listen to podcasts. Get more info at https://TYT.com/audio.
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Read more here: https://www.bloomberg.com/news/features/2018-05-24/small-time-bankers-make-millions-peddling-mortgages-to-the-poor
“In his corner of American finance, where hard selling meets hard luck, Angelo Christian is a star, and he looks the part. He’s wearing black caiman shoes and a Bordeaux-red silk shirt, tight and open wide at the chest. His dark widow’s peak is slicked high with gel. He has 180,000 Facebook followers and a budding YouTube network, where he shares original videos such as “How to Master Your Mind” and “How to Manage a $50 Million Pipeline.”
Each time Christian sells a home loan, the company he works for, American Financial Network Inc., takes as much as 5 percent—$12,500 on a $250,000 loan, to be distributed among his staff, corporate headquarters, and, of course, himself. As he and his team chase more than 250 leads a week, they’re on pace to close 50 a month. Christian says he has a Lamborghini on order to go with his Mercedes.
On a recent afternoon in a suburban Houston office park, he leans back in his swivel chair, iPhone glued to his cheek. A TV projecting to a screen behind his desk pounds music videos, keeping his adrenaline flowing. He calls back a customer who’s spent hours watching his sales videos: “Bad Credit, I Can Help,” “Fresh Start: Credit Boost,” and “Go For Your Dreams.” This would-be homeowner has a 596 credit score, putting him in the subprime range. His car has been repossessed, something that would likely disqualify him at the Bank of America branch next door.
“Usually a repo that’s like three years old, we’re not really going to sweat that,” he assures the caller. “We’re pretty lenient here.” He steers his prospect to several $400,000 homes with swimming pools. “Have your wife check that out,” he says, referring to a remodeled kitchen with granite countertops. “She’s going to love it.”
Hosts: Ana Kasparian, Brooke Thomas, Mark Thompson
Cast: Ana Kasparian, Brooke Thomas, Mark Thompson
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)