Wednesday, August 15, 2007
How the US Subprime fiasco came about
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 (449 views)
One thought on “How the US Subprime fiasco came about”
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Alan says:
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.