Freefall [ NON-USA FORMAT, PAL, Reg.2.4 Import - United Kingdom ]

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Price: $89.99   

Product Description

United Kingdom released, PAL/Region 2.4 DVD: it WILL NOT play on standard US DVD player. You need multi-region PAL/NTSC DVD player to view it in USA/Canada: LANGUAGES: English ( Dolby Digital Stereo ), English ( Subtitles ), WIDESCREEN (1.78:1), SPECIAL FEATURES: Interactive Menu, Scene Access, SYNOPSIS: A powerful and moving drama, Freefall follows the lives of three men with everything on the line. Gus (Aiden Gillen) is the high flying city exec who packages and sells bundles of mortgages for extortionate profit. Dave (Dominic Cooper) is the mortgage broker who can make anything happen, and when Dave offers Jim (Joseph Mawle), his old school friend, a way out of the council flat he and his family have been stuck in for years, it's an offer that is too good to refuse. A way of fulfilling his lifelong dream of becoming a homeowner. When the market collapses, each character is confronted by a shocking, revelatory truth that shines a burning light on the new realities we face. ...Freefall

Freefall [ NON-USA FORMAT, PAL, Reg.2.4 Import - United Kingdom ] Review

Interesting idea for a film. Namely, shows the cause and effects of the sub prime mortgage market in the UK via a vertical format. At the bottom is the borrower that took out sub prime loan with a short term teaser rate to get into a home that they couldn't really afford. Next up is the aggressive mortgage sales person that works for a mortgage broker and was trained in a "boiler room" type of environment. Finally, there is the financial executive (perhaps a head of structured finance) that runs the trading desk that packages the loans into bonds for sale to institutional investors.

Unfortunately, the film falls short both in character development and from actually providing information. Perhaps the best developed and most compelling character is the mortgage salesperson. Prototypical new working rich with a limited education from a blue collar background that with success comes all the new toys. The borrower who ultimately ends up having to default on the loan when the teaser rate expires and the payment goes up by 50% is somewhat sympathetic, though he doesn't place enough of the blame on himself (I.E. not reading the loan docs, etc.), choosing instead to blame the loan agent (who BTW was an old school friend) for his problems after getting fired from his job for falling asleep into a double shift. Also, it is unclear why his wife didn't simply get a job to make up the difference in the payment?

The worst job of character development and providing at least a basic understanding of how the process works re: the banker that worked in the "City" and was responsible for packaging the loans into bonds, etc. Yes, the character (the only American in the film) comes off as a cold bastard who only lives for the deal while neglecting his daughter from his prior marriage and occasionally nailing his co-worker on the trading floor after hours. However, what I would like to have been given is better details relative to the process and scope of the market. OK, I work in the business and realize that the subject matter may not be for the layman and perhaps the director didn't feel that dumbing it down would add anything to film, though at least a simple flow chart showing how loans make it into pools of loans and how pools of loans make it into bonds and how the bonds are then rated by a 3rd party re: risk and finally sliced and diced for sale to institutional buyers in the secondary market (AKA mortgage backed/asset backed securities for dummies). Truth be told, re: to the film, they were actually structuring CDO's (collateralized debt obligations), which is an asset class that can combine many forms of collateral into a single issue, as opposed to ABS (asset backed securities), which was typically the exit strategy of choice for sub prime loans. Aside from my quest for details, I would have liked the film to show the effects of the other employees of the bank that were not earning 7-figures annually.

Despite the flaws (namely, my quest for detail) I would recommend watching the film, as there are not many fictional pieces available that cover the topic.

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