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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (145741)	9/11/2014 1:10:07 PM
From: tejek	Read Replies (1) \| Respond to of 149317

It was trickle down starting with our politicians looking the other way and WS unchained. Pressure ultimately moved down the food chain to mortgage lenders, smaller banks, Fannie/Freddie,then ultimately the little guy like the realtors , mortgage brokers and appraisers to make the numbers fit and look the other way or be out of business. Fannie/Freddie percentage of the secondary market dropped substantially during the peak of the NINJA loan bubble when WS was packaging the subprime stuff in 2005-06 Actually, I think it trickled up. The games started with the realtors and bankers.............they were trying to stretch the housing boom which was beginning to peter out by 2003. It was the bankers who came up with the creative [strange] mortgage instruments that made possible for people who previously would not have qualify to buy homes. To assist the process, appraisals and credit reports were fudged. Once those loans were created, Wall Street came up with derivatives to hide them and Fannie Mae bought them in the secondary market. Who made all this crap possible.......as you say, Bush and Congress.......they were too busy fighting a senseless war in Iraq and too indifferent to the job of governance.......and so looked the other way.