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 - An AC Model M Crawler - by Anthony West. Neil Atkins is a man in his late thirties, a mild and patient character who talks fondly of his farming heritage. He farms around a hundred and fifty acres of arable land, in a village called Southam, located just outside Leamington Spa in Warwickshire. The soil is a rich dark brown and is well looked after. unlike some areas in the midlands it is also fairly flat, broken only by hedgerows and the occasional valley and brook. A copse of wildbreaking silver birch and oak trees surround the top si
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