“When in the early 200x era Fan and Fed decided they would buy any damned mortgage of any quality or no quality,”
What did it wasn’t that. There is nothing inherently wrong with high risk loans. The meltdown happened because they bundled together batches of crap loans, and sold them as high quality loans.
it was outright fraud and banks should have been left to collapse, European investors should not have been bailed out, and numerous people should have gone to prison.
But as the story goes, it was loan officers that worked at the office and homebuyers. The least sophisticated people in the whole equation somehow tricked the Harvard MBA hedge fund boys, international banksters, and the highest levels of government.
The woman at the quick pack store, who wanted a mortgage and was told it was normal, tricked em all with that first in her life transaction.
True, but that's pissing in the wind around here.