60 minutes World Of Trouble--Housing and Lending Practices Video

This 60 minutes video will make you sick. The kinds of lending practices you will see in this video were common place. There was one single goal--to create fee income and enrich management at the expense of ordinary Americans. Get the unsuspecting customer to refinance into a toxic mortgage like an Option Arm. Charge very high fees. This strategy enriched management at the expense of shareholders who got left holding the bag.

Three years before the housing market crash, Paul Bishop says he warned his superiors at World Savings - the nation's second largest savings and loan company - that many of the mortgages they were granting were misleading and predatory.

Watch CBS Videos Online

Subscribe to All American Investor via Email

I have written many times about the housing scam and Options Arms--The Toxic Mortgage

Ray Dalio on the current state of affairs in the market

Homebuyer Credit Won’t Stabilize Market, Analysts Say

Roubini Predicts U.S. Losses May Reach $3.6 Trillion

Six Errors on the Path to the Financial Crisis

Who Caused the Financial Crisis?

Option ARM--The Toxic Mortgage

Debt Binge--The Perfect Financial Storm