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Politics : Formerly About Advanced Micro Devices
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To: SilentZ who wrote (350903)9/17/2007 10:59:27 PM
From: bentway  Read Replies (1) of 1579103
 
"they are ultimately not personally accountable a few years later when the loans default. "

It's more bent than that. A lot of these guys would make the loan, then package a bunch of them in a "mortgage backed security" and sell them to someone else. After that, NO ONE is "responsible". The sucker that defaults on the loan OR the investor that bought the MBS that pays no dividends or appreciation. Many retirement funds hold MBS's, because they're "safe as houses"!
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