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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (10063)3/28/2009 11:35:31 AM
From: Kenneth E. Phillipps  Read Replies (4) | Respond to of 103300
 
Were banks forced to make loans without verifying income? Absolutely Not! Mortgage lenders made money by making fraudulent loans because those loans could be securitized and sold to unsuspecting buyers. It was the securitization of those loans and the credit default swaps that insured those loans without insurance reserves that created the problem.



To: GROUND ZERO™ who wrote (10063)3/29/2009 12:04:40 AM
From: DuckTapeSunroof  Read Replies (1) | Respond to of 103300
 
(Who 'forced' AIG to sell $10 worth of CDS for every $1 of subprime mortgage paper that existed in the entire United States? And sell all those gambling chits *without* any collateral backing them?)

Sounds like that was a Hell of a good way to take a potential problem of ONE DOLLAR size and turning it into an ELEVEN DOLLAR-SIZED PROBLEM....


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