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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (47536)	9/18/2008 11:43:23 AM
From: sandintoes	1 Recommendation Read Replies (1) \| Respond to of 224649

It is not relatively new..this has been going on for quite some time. I know, I've lost sales because I wouldn't sell to people who weren't qualified for the loan, only to find out they bought the same house from another realtor who got the loan from another bank...anything to make a buck, knowing full well, the house loan would end up in default. By the way, that is dudette...

To: LLCF who wrote (47536)	9/19/2008 10:38:09 AM
From: cirrus	1 Recommendation Read Replies (1) \| Respond to of 224649

Securitization isn't a bad thing if done correctly, but the credit watchdog and rating agencies were attaching "investment grade" ratings to packages of sub-prime variable rate loans. The ratings had the usual fine print disclaimers protecting the agency from those who relied on the ratings... and no rating agency executives went to the slammer for what amounted to fraud. The "investment grade" ratings convinced institutional buyers (who should have known better) to buy in. We know know the end result of this comedy of errors. securitization and "pre-packaging"