Posts Tagged ‘mortgage crisis’

Remembering Toxie

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Remember Toxie?  The toxic asset a couple reporters at NPR purchased to watch both the cause and the effects of the financial crisis unfold before their very eyes?

Yeah.  Toxie went toxic as of today.


The results of the financial crisis unfold before your eyes.

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I think we’re to the point now where nobody in this country hasn’t felt the effects of the financial crisis in some way, shape, or form, be it for good or ill.  Whether it’s the CEO bemoaning the shrinking size of his once grossly over-inflated bonus, or the laid-off worker watching the sheriff place the foreclosure notice on his front door.  I’ve seen this on an anecdotal level myself.  I live in a fairly new development of colonial style houses, a few of which have had the misfortune of being foreclosed or sold at sheriff’s sales.  What I did not realize, until I read this article, was what it looked like on a national scale.  I even worked for a company (a subsidiary of AIG) that dealt in sub-prime mortgage bundles, but I never saw what one of those bundles actually looked like.  I did see a small part of the underwriting process (that was interesting enough itself) because I helped administrate the software that the mortgage reps used, but at the time, I was ignorant (admittedly somewhat willfully) of the larger picture.   Not so after today.

Accompanying the aforementioned article is a brilliant interactive infographic that makes this disaster even more vivid.

Think of this whole thing as an economic snuff film, and you’ll find that it’s really not an exaggeration.