Jose: You"re right, as far as you go, but you stop too soon. Corrupt loan people couldn"t sell bad loans to Banks THAT HELD THEM-but the Banks re-sold them, to Wall St Houses, who "packaged" them and re-sold "slices" to end-buyers, who wanted the income stream from the mtgs. The usual requirements (down pmt, good job etc) were relaxed/ignored because everyone was getting huge commissions up front, and the risk was on the end-user. Appraisers (who didn"t get paid until loan sold)inflated values; rating agencies (paid by the Wall St Houses) gave the "slices" AAA ratings, guaranteeing them (but failing to keeep adequate reserves). The Wall St Houses created the instruments to sell to the "market"-the final buyers-assuring them everything was AAA when some of their own people were saying the paper was junk and collapse was coming. No, you"re not being foreclosed, and, yes, stupid people bought houses they couldn"t afford, as well as being lied to and defrauded outright, and if illegals leave, it"s a pure gain. But the people who were supposed to oversee Wall St, to avoid another 1929--the Fed, the SEC, etc etc--all either cheered everyone on (Yay, the economy"s booming!!) or looked the other way until the bubble popped. Now the dollar is trash (as you can see at the gas station, or when you buy parts) and guess who"s going to be stuck with the final bill. Email me.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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