The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Valuepro who wrote (287819)	10/29/2010 11:51:20 PM
From: S. maltophilia	Read Replies (1) of 306849

<<No, because the government sets the standards which qualify the paper for resale. You don't think those standards are appropriate? Look to the House Banking Committee.>> Those standards may be appropriate but have proven horribly inadequate. Congress has passed legislation over the years (or at least since 1933), but the real regulating is done by the SEC, CFTC (formerly), FHA, HUD, Fed, etc. Peddlers of mortgage and other asset backed securities were always careful to comply with the letter of the regulations but those regulations and standards for resale did nothing to prevent the sale of MBS to buyers who were horribly unsuited for such "investments." No, there was no crime committed, in the sense that there was no law adequate to address the act (if the investment was common stock, and the order was solicited, the NYSE has a handy rule addressing the issue): finra.complinet.com Too bad there are no laws about wrecking an economy. And it's not Joe Asshole who lost his job and defaulted on his mortgage. It's the investment banking criminals who are to blame.

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