[SE Mom]

Bear Stearns...and maybe Goldman Sachs?

I’m convinced Fannie/Freddie is at the CORE of the problems- any of these problems at the big boy firms started because of the way these mortgages were bundled and sold as securities etc. Wonder how much Bear was into CDS/derivatives...

[FreedomPoster]

>>I’m convinced Fannie/Freddie is at the CORE of the problems

Look at who issued the first MBS based on subprime mortgages:

First Union, Bear, Stearns Price Securities Offering Backed By Affordable Mortgages (1997)
http://www.freerepublic.com/focus/f-news/2090118/posts

From that press release:

“The $384.6 million in senior certificates are guaranteed by Freddie Mac and have an implied “AAA” rating. First Union Capital Markets Corp. is the investment banking subsidiary of First Union Corporation.”

I’m sure it took the Freddie Mac backing to make them AAA.

[dennisw]

I’m convinced Fannie/Freddie is at the CORE of the problems- any of these problems at the big boy firms started because of the way these mortgages were bundled and sold as securities etc. Wonder how much Bear was into CDS/derivatives...

FannieMae/FreddyMac is the Democrats fault

Wall St collapses are the Bush administration fault for not regulating Wall St.
But Wall St running wild is a Democrat phenomena in the sense that Wall St is full of Democrats these days. Just like Rush said last week. The dirty little secret is that Wall Streeters are overwhelmingly Democrat these days. Political donations bear this out