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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: 5thGrader who wrote (80262)3/23/2007 12:19:23 PM
From: John Vosilla  Read Replies (1) of 110194
 
'I fail to see how the very senators and other crooks that let the horse carriage run away are going to be able to fix what is broken now that it is tumbling over the cliff.'

Good point. One possible answer is such a high percentage of loans made in recent years were outside of federal jurisdiction, FDIC, OTC, OCC and should have been monitored more closely by the states.

Nothing they could do with New Century, CMO's, MBS's, financial weapons of mass destruction on Wall Street? I don't buy it. Everyone looked the other way for years even as Fannie Mae imploded and FHA/VA financing became an afterthought but why? This could have easily been nibbed in the bud in early 2005 by just eliminating the toxic ARM's and zero down yet the mantra pushed by too many mortgage brokers and realtors in our bubble markets during that time was zero down, easy qualify, 1% pay rate and double digit appreciation for years to come will make you rich..
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