“Let’s start with S&P and Moodys, the ratings companies that said the consolidated mortgage packages sold to investors were good. They were getting a commission off the sales.”
####
Whoa!
The racist Communists via Fannie Mae certainly did enough damage on their own, however that appears to be a structural problem with the foundation of our markets.
Call me naive, but is this not a FUNDAMENTAL compromise, and conflict of interest at the heart of our financial system?
Are you really saying that this is news to you?