liorio1

Paulson's Plan: Too Late in the Boondoggle

Mortgage brokers, by their nature, are peddlers and not risk assessors. To blame them for this credit debacle is like blaming real estate brokers for the housing crisis. All those involved in risk assessment from step 1 of loan origination were lax because they thought they were passing on the risk in one form or another. At some point, someone had to realize that housing is finite and the house of cards had to fall, so who got out first?
As an aside, it makes me shudder to see banks categorized as growth companies, there has never been any real growth other than through consolidation, which is dubious and these shenigans. Banks hold 2 types of assets, cash and promises, the latter in great disrepair!