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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (278772)9/26/2010 3:17:18 PM
From: ggershRead Replies (1) of 306849
 
We are Market Makers!

New Proof Wall Street Knew Its Mortgage Securities Were Subpar: Clayton Execs Testify



Of the 911,000 loans that Clayton scrutinized, 72 percent either met the mortgage seller's standards and other guidelines set by the buyer of the mortgages, typically Wall Street firms, or they had off-setting factors that allowed Clayton to give them a passing grade, like if the borrower who took out the mortgage put a lot of money down or had a very high income.

But 28 percent failed to meet those standards. Of those 255,802 mortgages that Clayton flagged for what were a variety of reasons, Wall Street ended up waiving 100,653 of them, or 39 percent of those loans that did not meet basic standards. And Wall Street firms didn't share this with investors.
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