The Biggest American Debt Selloff In 15 Years

Here’s what occurred in a nutshell… Previous to Wall Avenue interfering with the home lending state of affairs there was one lender and one borrower. Subsequently, Wall Street noticed a chance to package deal these mortgages and to sell them to traders. They did not care whether or not the mortgages were good or not, whether or not the borrower was credit score worthy and even had a pulse as a result of they had been simply the center men. As quickly as they bought them they obtained their money, their Mercedes Benz, their penthouse on Park Avenue as did the lender and the mortgage agent and so they have been gone, after all AIG insured all these transactions so the recent potato was in someone elses arms by then. The addition of wall avenue not only allowed most of these loans (no doc, teaser price, no down cost loans …

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