In the 2012 award-winning series Money, Power and Wall Street, FRONTLINE tells the story of the struggles to repair the economy after the 2008 financial crisis, exploring key decisions, missed opportunities, and the uneasy partnership between leaders of government and finance.
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In part one of Money, Power and Wall Street, FRONTLINE correspondent Martin Smith interviews leading bankers, government officials and journalists to chart the epic rise of a new financial order—and the trouble that followed. As Wall Street innovated, its revenues skyrocketed, and financial institutions of all stripes tied their fortunes to one another. Smith probes deeply into the story of the big banks—how they developed, how they profited, and how the model that produced unfathomable wealth planted the seeds of financial destruction.
FRONTLINE’s veteran financial and political producers Michael Kirk (The Choice 2020: Trump Vs. Biden, United States of Conspiracy), Martin Smith (The Crown Prince of Saudi Arabia, The Pension Gamble), Marcela Gaviria (The Virus: What Went Wrong?, Separated: Children at the Border) and Tom Jennings (Right to Fail, Opioids Inc.) team up to present this Emmy Award-winning documentary series.
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Major funding for FRONTLINE is provided by the Ford Foundation. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
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@raymondcaylor6292
I've been a HUD trained volunteer home retention counselor since 2011 in my community. I've had or have a total of 27 client's. Of the 27, two have lost their home to foreclosure and two negotiated short sales with their Lender. Three of those were divorce-related and one was from the death of a spouse. That leaves 23 families still in their homes. Those successes and those failures took varying degrees of planning and execution. The HAMP program and the incredible concessions from Lender's and Servicer's forced upon them by the guidelines of a HAMP modification are really the reason most of those 23 family's didn't lose their homes. Yes, they received incentive monies and yes as a whole the Housing Industry needed those homes to be occupied and not just vacated and thrown into a spiraling downward market but it cost many of those investors bottomline money's that wasn't redeemable with tarp funds. Prudent investors had the equity where they wouldn't have been financially damaged and they would have received funds they could buy replacement properties with and just moved on. Some of our 23 success stories are unbelievable and some not very remarkable but in all of them there is a since of safety pride and accomplishment. The HAMP program was a success with most of those who qualified and were accepted but to get first the trial period modification and moving to a granted & registered modification was like walking through fire on top of broken glass. It took numerous presentation of same documentation and constant contact with loss mitigation personnel that appeared and vanished like ghosts. There was almost no way a couple both working full time jobs could have succeeded without my help. That's not bragging that's telling you what a uphill climb it was for those trying to qualify for a modification on their own. Yes HAMP is gone but there are templates where modification can still be successful but it is not a quick to show success without the once a year incentive deduction of $1,000 of principal for on time mortgage payments for 5 year's, then $5,000 incentive reduction at the 6 year mark. That 10K in " free money " gave many the incredible boost of equity that keep them motivated to stay on budget and stay the course. The trick now is trying to figure out how to find that $140 to pay on top of their modified mortgage monthly payments.