President Barack Obama Message Board

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Politics : President Barack Obama

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To: Bread Upon The Water who wrote (34006)	9/21/2008 9:28:01 PM
From: sylvester80	Read Replies (2) of 149317

Freddie and Fannie were not the problem. The credit rating houses were the problem who after colluding with the investment banks miracoulsly turned junk sh*t mortgage loans into AAA rated ones. Freddie and Fannie were NOT the ones giving huge bonuses to loan officers to push people to subprime/Alt-A/ 100% financing/negative amortization toxic loans. That was the Wall Street Investment banks. They then would take these junk toxic loans, packaged them into CDOs that the credit rating houses had miracoulsly had turned into AAA ones and sell them for some very nice fees. It is that that's caused the problems and greed of loan people to keep writing more and more and more of these loans. And with the free money out there it became an avalanche that swallowed everything. So the problem is NOT Freddie and Fannie. The problem is calling JUNK TOXIC mortgages AAA rated ones. And that is why every CEO of every investment bank and credit house, including Henry Paulson, needs to be thrown in jail immediately and their illegally gotten fortunes seized!!!

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