ABOUT THE SHOW
CNBC ORIGINAL DOCUMENTARY “HOUSE OF CARDS” UNCOVERS THE REASONS BEHIND THE GREATEST FINANCIAL COLLAPSE SINCE THE GREAT DEPRESSION
HOW DID IT HAPPEN AND WHY DID THIS HOUSE OF CARDS COME TUMBLING DOWN?
"House of Cards" is an original CNBC documentary reported by award-winning correspondent David Faber. In this two-hour special, CNBC investigates the origins of the global economic collapse. Faber gathers the personal stories of key participants: home buyers, mortgage brokers, investment bankers and investors – all of whom let greed blind them to marketplace realities. It is their words and experiences – not those of pundits or commentators – that bring to life the painful story of the greatest financial crisis since the Great Depression.
CNBC's Faber reveals how a financial house of cards was slowly built following the 9/11 attacks. As the U.S. government tried to revive the economy by repeatedly dropping interest rates, families lunged at the opportunity to refinance their mortgages. Faber introduces viewers to mortgage lenders like Daniel Sadek who drastically reduced borrowers' credit requirements and raked in personal profits of $5 million a month.
Wall Street began to consume risky mortgages and turn them into products they could sell to hungry foreign investors. Banker Michael Francis tells Faber that no matter how risky the package, during the peak of the lending frenzy any mortgage-backed security could find a home on Wall Street.
Exploring just how far the effect of the credit crisis extended, Faber travels to Narvik, Norway, a town far above the Arctic Circle that was convinced it could solve its budget problems by investing in Wall Street's wares. Mayor Karen Kuvaas and Narvik's other town leaders hoped to become "great heroes" by reaping the income from financial ventures they believed were safe.
Faber speaks with Former Federal Reserve Chairman Alan Greenspan who defends decisions he made that critics say laid the groundwork for the crisis. Greenspan also admits that even he did not understand the details of the more complex securities on the market.
Also, in a rare interview, Faber speaks with one of the few savvy investors who bet against the mortgage-backed security fever – Dallas' Kyle Bass whose hedge fund soared 600% in just eighteen months.
An Emmy, Peabody, and Dupont award winner, David Faber is the anchor and co-producer of CNBC's acclaimed original documentaries as well as a contributor to CNBC's "Squawk on the Street."
James Jacoby is writer and producer of CNBC's "House of Cards." Jill Landes is co-producer. James Segelstein is senior producer. Mitch Weitzner is the Executive Producer of CNBC's Long Form Unit. Jonathan Wald is the Senior Vice President, Business News at CNBC.
HOW DID IT HAPPEN AND WHY DID THIS HOUSE OF CARDS COME TUMBLING DOWN?
"House of Cards" is an original CNBC documentary reported by award-winning correspondent David Faber. In this two-hour special, CNBC investigates the origins of the global economic collapse. Faber gathers the personal stories of key participants: home buyers, mortgage brokers, investment bankers and investors – all of whom let greed blind them to marketplace realities. It is their words and experiences – not those of pundits or commentators – that bring to life the painful story of the greatest financial crisis since the Great Depression.
CNBC's Faber reveals how a financial house of cards was slowly built following the 9/11 attacks. As the U.S. government tried to revive the economy by repeatedly dropping interest rates, families lunged at the opportunity to refinance their mortgages. Faber introduces viewers to mortgage lenders like Daniel Sadek who drastically reduced borrowers' credit requirements and raked in personal profits of $5 million a month.
Wall Street began to consume risky mortgages and turn them into products they could sell to hungry foreign investors. Banker Michael Francis tells Faber that no matter how risky the package, during the peak of the lending frenzy any mortgage-backed security could find a home on Wall Street.
Exploring just how far the effect of the credit crisis extended, Faber travels to Narvik, Norway, a town far above the Arctic Circle that was convinced it could solve its budget problems by investing in Wall Street's wares. Mayor Karen Kuvaas and Narvik's other town leaders hoped to become "great heroes" by reaping the income from financial ventures they believed were safe.
Faber speaks with Former Federal Reserve Chairman Alan Greenspan who defends decisions he made that critics say laid the groundwork for the crisis. Greenspan also admits that even he did not understand the details of the more complex securities on the market.
Also, in a rare interview, Faber speaks with one of the few savvy investors who bet against the mortgage-backed security fever – Dallas' Kyle Bass whose hedge fund soared 600% in just eighteen months.
An Emmy, Peabody, and Dupont award winner, David Faber is the anchor and co-producer of CNBC's acclaimed original documentaries as well as a contributor to CNBC's "Squawk on the Street."
James Jacoby is writer and producer of CNBC's "House of Cards." Jill Landes is co-producer. James Segelstein is senior producer. Mitch Weitzner is the Executive Producer of CNBC's Long Form Unit. Jonathan Wald is the Senior Vice President, Business News at CNBC.
SHOW TIMES
SHOW ANCHOR
HOW DO WE RESOLVE THE ECONOMIC CRISIS?
To resolve the ongoing economic crisis, where should the federal government allocate more "bailout funds?"
NOW ON DVD
See how the American dream became a nightmare. Award-winning reporter David Faber investigates the most crushing economic crisis since the Great Depression. DVD includes more than 30 minutes of bonus material.
CONTACT US
About CNBC | Site Map | Privacy Policy | Terms of Service | Video Reprints | Advertise | Help | Contact
Partners: AOL Money | BloggingStocks.com
Partners: AOL Money | BloggingStocks.com
Data is a real-time snapshot *Data is delayed at least 15 minutesGlobal Business and Financial News, Stock Quotes, and Market Data and Analysis
© 2009 CNBC, Inc. All Rights Reserved.
A Division of NBC Universal
