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Originally Posted by pgardn
Based on what I have read,
this is just not true.
The mortages that were written up
where shameful. And then the way
they were hidden amongst other good
loans was criminal.
This is the major reason it is so difficult
to ascertain the value of a mortage "packages"
sold as investments. Toxic mixed with clean.
And one of the reasons Bush/Volcker
failed in righting the ship.
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You have read incorrect information.
While the mortages may have been deceptive the people signing them bear responsibility and the politicians that forced FM and FM to cover the bad bets are fundementally to blame.