The article started off promising, but then this: “The basic trick involved big banks buying up the risky home loans of subprime borrowers — the loans of people who often lacked verified incomes and had poor credit histories — and repackaging them as highly rated mortgage securities.”
Now just WHY did banks make loans to “subprime borrowers” who couldn’t pay the loan back? Bueller??? Hmmm???
At least some of them are now admitting it.
For years they wouldn’t even go that far.
Now just WHY did banks make loans to “subprime borrowers” who couldn’t pay the loan back? Bueller??? Hmmm???
I’ll tell ya why. They were getting fat commissions and bonuses in both structuring the loan and then yet again when they pawned the loans off to all the suckers