Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: J_F_Shepard who wrote (588891)	10/6/2010 9:44:51 AM
From: bentway	Read Replies (2) of 1578011

"I've always wondered why a bank would give 300-400K loans to people they KNEW couldn't pay for them" It's all been laid out: Flaky mortgage originator writes a mortgage to a guy who qualifies with a pulse. In less than a week, he's pocketed his bite and he's sold the mortgage to: Fannie Mae or Freddy Mac or A big Investment Bank, that packages the crap mortgages with some good ones and sells the MBS (mortgage backed security) to some huge hedge fund, an Icelandic village retirement fund, the CA public employees retirement fund, some big investor somewhere. They all think that the MBS's are as safe as American houses! So does the big Investment Bank, who offers "insurance" with NO backing. Some of the investors buy this product too. These MBS's sold like hotcakes. The big IB's sent the word down, WRITE MORE MORTGAGES! ..and look what happened!

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