Wednesday, Aug 15, 2007
How the US Subprime fiasco came about
FT: Ratings agencies reap more of what they sowed
Amazing practices! "In 2000 ratings agencies said that “a type of mortgage that involves a ‘piggyback’, where borrowers simultaneously take out a second loan for the down payment, was no more likely to default than a standard mortgage,”
Posted by leoz @ 05:58 PM (147 views) Add Comment
1 Comment
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1. Alan said...
It's a simple case of pocketing the fee and not servicing the engine.
You can only get away with it while the market is calm. This one isn't.