Very cute, however they left out the part where Fannie Mae and Freddie Mac allowed, or should I say,whole heartedly encouraged, the making of these loans and provided the bundles of mortgages to wall street to have them securitized. Must have been a Democrate who drew this up.
Someone sent me this ppt about 6 months ago, and I laughed as much as anyone. It inspired me to learn more, unfortunately, and now a lot of it seems misleading. Those who know more than I do about this stuff seem to agree that the relaxation of lending standards was a RESPONSE to growing demand for mortgages from Wall Street firms, who were, in turn, responding to the voracious appetite of worldwide investors for mortgage-backed securities. I won't be too picky about distinguishing between CDO's, CMO's, MBS's, etc., since I am still trying to figure them out.
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