>>the real key was GS,
Complete document here.
AIG was used ,, the real key was GS, Lehman , Morgan Stanley et al getting the ratings agencies to play ball ,,, when they got that key part nailed down they went crazy throwing money at anybody.
>>getting the ratings agencies to play ball
Argent Mortgage falsified thousands of FICO scores on loan applications.
They bought the source code for, and deliberately altered, the Empower LOS (Loan Origination Software) implementation they were using - including the FICO related EMPOWER data-entry screen, on which FICO score is normally Read-only.
So the FICO presented for a loan in a securizited instrument, being evaluated by the ratings agencies, was not necessarily an actual FICO produced by one of the 3 credit-scoring agencies.
FICO was, supposedly, the only valid number on a “Liar Loan” that could be used to predict the credit-worthiness of the lying borrower.
[bullwinkleVoice -ON]
Hey Rocky, watch me pull a FICO score out of my...
[bullwinkleVoice -OFF]
Garbage in, Garbage out - ratings agencies aren’t immune to that that rule.