Truthmatters
Diamond Member
- May 10, 2007
- 80,182
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- Banned
- #21
Many of the loans sold towards the end were sold to avoid the seller frim taking in the shorts when the market collapsed.
There was fraud everywhere on the business end of this folks.
You can pretend it was all the fault of the people doing the buying but you would be wrong. The last round of people were lied to about their loans and many of the buyers may not have even exsisted. Forged papers to give the hot potatoe to someone else. These loans were then sold off in bulk and packaged with healthy financial commodities. It fooled the entire world which was largely unaware that the Securites business was opperating under new rules since 1999. Deregulation allowed them to package them off differently which made these sub prime sellable and profitmaking as long as you dumped them quickly.
Why are none of you asking "where did all this money go?".
Follow the money and you will find the person to blame.
There was fraud everywhere on the business end of this folks.
You can pretend it was all the fault of the people doing the buying but you would be wrong. The last round of people were lied to about their loans and many of the buyers may not have even exsisted. Forged papers to give the hot potatoe to someone else. These loans were then sold off in bulk and packaged with healthy financial commodities. It fooled the entire world which was largely unaware that the Securites business was opperating under new rules since 1999. Deregulation allowed them to package them off differently which made these sub prime sellable and profitmaking as long as you dumped them quickly.
Why are none of you asking "where did all this money go?".
Follow the money and you will find the person to blame.