The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: H-Man who wrote (2530)	12/2/2008 6:42:48 PM
From: DuckTapeSunroof	1 Recommendation of 103300

Re: "the largest buyers of subprime mortgages from 04 to 07" Yes, I know. Well... their lending practices 'conform' to the purchasing standards that the GSEs are legally mandated to utilize... and they do not directly engage in mortgage lending whatsoever with the mortgage applicant. Rather, by making a market in the paper, they enable the private mortgage lenders to offload their notes and thus, by providing national standards for a liquid after-market, they increase liquidity --- which is the purpose they were chartered for. (And, the MAIN point I was making remains yet unaddressed: ALL the sub-prime mortgages issued in America over the entire past three years would not add up to even 1/100th. the size of the unregulated Credit Default Swap Markets (which amounts to over $50 Trillion in notional value....)

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