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Politics : View from the Center and Left

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To: Mary Cluney who wrote (174760)	10/28/2011 12:28:33 PM
From: bentway	Read Replies (2) of 541414

"I don't think it is a crime to be greedy." But Mary, it IS a crime to commit FRAUD. These people were selling financial instruments as AAA that they KNEW contained mortgages that would default. The ratings agencies KNEW the paper wasn't AAA, but rated it that way anyway, since they were paid by the bankers. The mortgage lenders KNEW that the people they didn't ask for any proof of income, assets, or ability to repay were going to default on the mortgages they were writing and then immediately re-selling to public/private agencies like FNM and FRM. All FRAUD. All unpunished.

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