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Banks not government
Posted by Bruce (more from Bruce) on Thu, 21 Jul 2011 12:59:37
In Reply to: Re: Afordable housing, BobS, Thu, 21 Jul 2011 12:26:15
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Don't blame the government for all the subprime loans. The banks have a big part of the blame, especially the I-banks, who packaged up the loans & sold them off were the ones driving the "eligibility" rules... do you think any commercial bank or mortage co. would sell a "no income, no asset verified" loan if there was no one to underwrite it or buy it on the secondary market, (what did they care, they got their commission & moved on)? Don't get me started on the rating agencies who gave derivatives backed by sub-prime loans great ratings or those who bought such derivatives based on the ratings.
This is a classic case where some actually enforced regulation would have helped.
posted by 198.179.14...
Posts in this Thread:
- Look at the third picture of the house I just gave up., John Myers, Wed, 20 Jul 2011 21:09:37
- Saab Certified, nice!, Boston Baab, Thu, 21 Jul 2011 05:39:35
- Trying again, John Myers, Wed, 20 Jul 2011 21:11:00
- Re: Trying again, TML , Thu, 21 Jul 2011 01:04:47
- Pity the rest of the world, Reality, Thu, 21 Jul 2011 08:45:41
- Re: Trying again, John Myers, Thu, 21 Jul 2011 07:57:41
- house prices in US are so cheap!, sab, Thu, 21 Jul 2011 03:29:39
- Not in San Diego, Mike Lynch , Thu, 21 Jul 2011 11:24:45
- Re: house prices in US are so cheap!, Les_H, Thu, 21 Jul 2011 06:57:42
- Depends on location, Noel, Thu, 21 Jul 2011 06:11:58
- Re: house prices in US are so cheap!, EGD , Thu, 21 Jul 2011 05:36:17
- Re: Trying again, Justin VanAbrahams , Wed, 20 Jul 2011 21:34:03
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