[Wyatt's Torch]

But if every mortgage written as a result of that order had gone bad you couldn’t have had the subprime crisis simply because the number of mortgages involved isn’t large enough. It took the financial firepower of Wall Street to turn the subprime industry and its related derivatives into a trillion dollar industry whose collapse could take down the world’s economy.

i just flat out don't believe that

I certainly believe this, The mortgage derivatives levered up the pure risk of the mortgages many fold (20X? 30X? - not sure). The losses on the pure mortgages would have been magnified many, many times over for the derivatives associated with them. But again, no CRA and Justice intervention, no bad mortgages and the derivatives never exist.

[rightwingintelligentsia]

Rush’s “Big Announcement” tomorrow!!

Football team, or little Rush baby?

[sloop]

so what are the numbers?

the total cost of all bad loans is ___________________

the total cost of all bad securities/derivatives/whatever is ____________

[advertising guy]

you forget state protections that added or minimized the real easte risks

example....Texas vs say Arizona and Nevada

in AZ and NV folk were buyin homes and cashin out the equity from day two.....

I know some asshats here in Phoenix w/ 800 plus credit scores who owned 14 homes...took the cash equity and left the country

in Texas not a dime was advanced on equity and why a job can be found in Texas