All the economic news is now focused on the Obama administration and what they can do to stabilize the banking system and the housing market. The news is ugly and there is uncertainty in the air as the government seems to have all its fingers in the dike, doing what it can to avert further disaster. This has gone from what was first described as a sub-prime mortgage problem, to a global recession. If you wonder how we got to the point, two recent TV shows give behind the scenes look at two different parts of the crisis.

House of Cards, a CNBC special, details how Wall Street and the mortgage industry came out with riskier and riskier loans as a way to meet the worldwide demand for safe investments. U.S. Real estate was looked at as the safest investment around, and the thought was that prices would continue to increase, so even as the guidelines loosened and more marginal buyers bought homes, with financial alchemy, the underlying asset made even risky buyers safe when pools of mortgages were packaged together. This isn’t anything new for those who have been following the subject, but it lays it all out in one piece, showing how delusion can be contagious when greed is involved.

I found Inside the Meltdown to be more compelling. This is a PBS Frontline program focused on what happened on Wall Street and the White House when it all hit the fan. It covers the shotgun buyout of Bear Stearns, the government takeover of Fannie Mae and Freddie Mac and how the credit system nearly collapsed when Lehman Brothers was allowed to fail. It shows how Treasury Secretary Hank Paulson, a strong free market advocate, turned 180 degrees to the belief that government had to act fast and in a big way. This will all be part of history books in the future, but it is fascinating to watch now.

Illinois Mortgage Rates and news

First time home buyer loans              

We Lend in All 50 States

Free Mortgage Quote:

Get Best Advice from illinois mortgage broker

Contact Your illinois mortgage company Today

Find the Maximum FHA Loan Amount in Your Area Here illinois FHA loans

Are you Looking for first time home buyers loan ? Find Free Tips and Advice here

How to update yourself with Current chicago mortgage rates ? The Answer is here.

Looking for mortgage chicago il

Chicago FHA loans

We Offers illinois home mortgage Loans with best mortgage rates