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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: XoFruitCake who wrote (164609)	11/15/2008 1:59:32 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

You're correct in that. These post-9/11 decisions were taken by Alan Greenspan at the Fed and Chris Coxe at the SEC. Greenspan will point out that he urged banks not to keep these dubiously underwritten assets on their books, "stop, please stop" he whispered. The next step was Lehman, Bear-Stearns, Merrill-Lynch, Goldman Sachs, Citibank, Morgan Stanley, and JP Morgan Chase, who bought these mortgages and obtained insurance from AIG and the muni bond insurers, making these crap mortgages into AAA rated bonds. Oh yes, the regulators watched. But the problem wasn't caused by over-regulation. "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity – myself especially – are in a state of shocked disbelief." Alan Greenspan .