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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (350906)	9/18/2007 12:15:03 AM
From: tejek	Respond to of 1578937

"they are ultimately not personally accountable a few years later when the loans default. " It's more bent than that. A lot of these guys would make the loan, then package a bunch of them in a "mortgage backed security" and sell them to someone else. Oh its even better than that......they mixed them in with really good loans and we are talking thousands upon thousands of loans, making it difficult to identify them even with the most thorough of due diligence. Foreign banks were particularly susceptible to this setup not realizing that American capitalists had become serious crooks during the Bush 'golden' years.