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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Jim McMannis who wrote (4908)2/5/2011 10:39:50 PM
From: Webster Groves  Read Replies (1) of 119362
 
The taxpayers pick up the tab only because Fanny was the patsy.
Without a designated bag-holder, the banks could not have flipped the loans.
The question to ask is why was Fanny buying loans of dubious value.
Not the fault of the borrower. The bank could have demanded collateral as in the old days, but the patsy made the deal sweeter,
and Fannie didn't care because its execs got a cut on cash-flow (called bonuses).

wg
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