Posted on 08/04/2015 7:52:58 AM PDT by Jan_Sobieski
>>Why..?
“It’s my nature”, said the [organized criminal] scorpion to the frog...
My mortgages were never sold. My clients with less than stellar credit? Most of them were “sold”. So here’s my thinking.
If I owned a bank and I had loans that I was nervous about defaulting, then I would sell off those loans and keep the ones I was confident in collecting.
Do you understand what I mean? Bundle up the risk, sell it off and keep the gravy. How were these “Bundled loans” rated for risk? Am I making any sense?
>>If I owned a bank and I had loans that I was nervous about defaulting
A bank lends on deposits - Argent/Ameriquest wasn’t a bank. It had no deposits.
Everything it originated was securitized and flushed into the sewer pipe.
>>How were these “Bundled loans” rated for risk?
Fraudulently and/or negligently.
Fraudulently because Argent simply made up FICO scores for thousands or loan apps.
Negligently because the ratings agencies evidently failed to compare the FICO score on the loan app against what the score the consumer had on the various credit services.
Ricky lending was FORCED on the lenders by Marxist government legislation.
Clearly! Thank you.
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