Film Documentary Exposes the Naked Schemes behind the Foreclosure Nightmare
A film documentary “American Casino”, directed by Leslie Cockburn, exposes the naked schemes behind the foreclosure nightmare. Most the scenes have been set in Baltimore. It is a horrendous nightmare that starts normally and ends up being sucked into a stinking hole.
The co-writer of the film is her husband Andrew Cockburn. The couple have fashioned their work as a visual essay. They have personalized the financial system of USA with a disarming frankness that will not stand up to nonsense.
Under cover of darkness they interview a financial magician. In the glare of light they talk with a clinical therapist who is facing foreclosure. Each participant is viewed in its correct perspective without condescension. Their subjects bring out in the viewer honest disdain, sorrow or sympathy.
Initially the platitudes thrown at real estate fraud might appear routine. Then the film goes on to show that most of those participating in this game entered and exited from the casino where gambling in real estate was going on without their knowing the rules of the game.
The film is dissimilar to that of Michael Moore’s capitalism. The latter makes out the failure of Wall Street to define what are ‘derivatives’ into a resounding joke. But Cockburn takes great pains to dissect the plans usually referred to as “complex financial instruments.”
Many of these derivates show up to be not quite so complex. The banks are seen bundling and again re-packaging the loans. The credit agencies then handle these questionable packages. To make clear more complex steps like credit default moves the film makers depend on the commentaries of top class instructors like Professor Michael Greenberger of University of Maryland. Formerly he was director of Commodity Futures Trading Commission (Trading & Markets division).
The details of these grimy deals leave a lasting impression on the viewer. The presentation has behind it overpowering authority. After viewing the movie none can go away without realizing that economic flow did not trickle down, as few capitalists were under the impression; it was rerouted and pumped up straight from the pockets of ordinary folks like Denzel Mitchell, the Afro-American school teacher. The latter was tricked into a deal that soon swelled and weighed him down because of the popping up of hidden costs.
The movie does not fail to show that brokers of sub-prime mortgages preyed on the minorities even when the latter were qualified to contract prime mortgages.
- The Foreclosure stained Market of today is the Result of Happenings six years previously
- The Focus should not only be the Negative Business of Stopping Foreclosure
- Obama can Tackle the Tough Foreclosure Situation by getting Tough
- Foreclosure Problems Increase on a Building in Bronx
- Questions are being Posed about the Connection between Kashkari who once Handled Foreclosure
- Lenders escape Court Sanctions aiming to Expedite the Process
