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Geithner's False Assumption - Rebuilding Securitization Market Is Good for Economy
Securitization is the genesis of the whole debacle. The root cause is that nobody was loaning their own money and the originators could have cared less whether the mortgages ever repaid. The misdirected incentives were earning fees and repayment was a "downstream" problem. The demise of securitization will be a good thing as this will mean that the catastrophe will never happen again. Lenders will be loaning their own money and they will be careful to not loan to deadbeats. Look at it this way,the housing price collapse will mean that lots of young people will be able to afford homes that could never afford an inflated priced home.
Feb 15, 2009. 12:05 PM
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