"Jumbo Mac" Discusses Mortgage History

Will history will repeat itself?

The financial crisis in 2008 was a life-altering experience and the most-important event in history for anyone to know in the mortgage industry. The U.S. economy was at risk of a complete collapse placing the world economy at risk. Millions of Americans lost their homes, businesses, and employment during the greatest depression in our history.

The Troubled Asset Relief Program (TARP) on October 3, 2008, kept the nation's banks operating during the financial crisis. The government bailout became the most successful and most hated in U.S. history.

Panic: The Untold Story of the Financial Crisis of 2008, provides the factors that led to the 2008 financial crisis and the efforts made by former Treasury Secretary Henry Paulsen, Federal Reserve Bank of New York Timothy Geithner, and Federal Reserve Chair, Ben Bernanke, to save the United States from an economic collapse.

Panic: The Untold Story of the 2008 Financial Crisis | Full VICE Special Report | HBO

The feature-length documentary explores the challenges these men faced, as well as the consequences for their decisions.

The Tea Party was created in response to the broadly hated TARP bailout program. The Populist generation and revolt led by President Donald Trump as a result of the 2008 financial crisis.

Lehman Brothers, Wachovia Bank, Washington Mutual, would not survive while Goldman Sachs and Morgan Stanley would be purchased by J.P. Morgan Chase and Citibank. We came closer to financial ruin than most know.

NMLS TEST Question: The Dodd-Frank Wall Street Reform and Consumer Protection Act targeted the sectors of the financial system believed to have caused the 2008 financial crisis, including banks, mortgage lenders, and credit rating agencies.

This history is most important for any lender, real estate agent, investor, or homeowner. The financial markets are at all-time highs again. Similar underlying tensions exist today.

Stagnation of wages
Lack of opportunity
Reduction of upward mobility

Will history repeat itself?

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